💥New Chapter 11 Bankruptcy Filing - DocuData Solutions, L.C.💥
Long-distressed tech company files prearranged bankruptcy case
On March 3, 2025, DocuData Solutions, L.C. (“DocuData”) and 59 affiliates (collectively, together with DocuData, the “debtors,” and together with their non-debtor affiliates excluding XBP Europe Holdings, Inc. ($XBP) (“XBP Europe”) and its subsidiaries, the “company”) filed chapter 11 bankruptcy cases in the Southern District of Texas (Judge Lopez) – with 🎉👏 Ray Schrock, no less, in his first bona fide company-side filing since hopping over to Latham & Watkins LLP.* 👏 🎉
Does DocuData not ring a bell? What about Exela Technologies, Inc. ($XELA) (“Exela”)?
Yeah, that’s the one. This turd’s been circling the bowl for a good, loooooooooooooooooooooooong while. For crying out loud, we did a deep dive into veteran-mining-and-chemicals-executive Jeffry Quinn’s Frankensteined business all the way back in September ‘20, and we highly encourage revisiting:**
When we penned that article, we finished up by posing a simple question:
LOL, it was rhetorical. The answer is just as simple:
And finally, FINALLY, 4.5 years later, this vintage ‘15 SPAC found its way to the home it’s always deserved: bankruptcy court. Well, maybe not the SPAC entity itself. Exela isn’t an obligor on any debt, so it didn’t file.*** But the debtors describe the business at the company level, and what’s good for the goose. Let’s refresh y’all on what the company does. Here’s CRO Randall Eisenberg (of AlixPartners LLP):