Prysm Inc., a California-based video-screen-technology developer, has filed for bankruptcy after cutting a deal to sell some assets and hand over others to lenders including Kuwait’s sovereign-wealth fund, WSJ Pro Bankruptcy reported. The company sought chapter 11 protection on Wednesday in U.S. Bankruptcy Court in Wilmington, Del., with liabilities of $273.6 million and assets of $4.6 million. Prysm was formed in 2005 to develop, market and sell large-format displays and related software. The technology allows users to interact with data and applications on displays of various sizes. Under a proposed restructuring plan, ESW Capital LLC, an Austin, Texas-based acquirer of technology companies, has agreed to buy Prysm’s cloud-hosted collaboration software business out of bankruptcy for at least $12 million.
