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Surveillance camera maker Arecont Vision LLC yesterday filed for bankruptcy, seeking a court-supervised sale of its business to a New York-based private-equity firm, WSJ Pro Bankruptcy reported. The Glendale, Calif., company sought chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., weighed down by about $73 million in debt. In court papers, Scott Avila, Arecont Vision’s recently appointed chief restructuring officer, pegged much of the company’s trouble on “increased competition from Chinese manufacturers who are able to produce and sell products at lower price points.” Revenues fell from $72.7 million in 2016 to $41.7 million in 2017, court papers show.

Eastman Kodak Co. is looking for more cash to launch its long-awaited digital token, Bloomberg News reported. Wenn Digital Inc., the company licensing Kodak’s name, is seeking $10 million to $40 million from accredited investors, starting May 21. The initial coin offering for the KodakOne coin, which aims to help photographers get paid for their works, has raised $3.25 million from three institutional investors so far. The firm expects to take in another $6.75 million in a second round of funding that should close May 18. “An additional $10 million is what our business plan requirement is,” Cam Chell, co-founder of KodakOne, said in a phone interview. “We think ideally a total of an additional $40 million is the number we’d like to target." The last leg of the offering, first announced in January, will close after about a month, he said.

DxO Labs, maker of the DxO One camera attachment and PhotoLab, FilmPack and ViewPoint photo software, has filed for chapter 11, PetaPixel.com reports. The French company says that the purpose of the bankruptcy filing is to “restructure the business” and that it “will not affect our customers in any way.” Everything should also be completed and resolved within “a few more weeks.” In the meantime, DxO Labs is still hard at work on its photography software. Having acquired the Nik Collection from Google in October 2017, DxO Labs now says its first new version for the collection will be coming in June 2018.

Satellite operator Avanti Communications said today that it would likely have to be placed in some form of insolvency proceeding if it cannot complete its debt restructuring or is unable to raise at least $50 million, Reuters reported. The company, which is swapping its debt for equity, said if the restructuring is not completed by April 30, it will default on its bond interest payable under the existing bond indentures. Avanti also added that if it is unable to raise additional funds of at least $50 million and secure $40 million infrequently recurring revenue in pipeline by June 30, it would be highly unlikely that the company would be able to pay its creditors within the three months following June 30.

iHeartMedia Inc., the company behind the biggest U.S. radio broadcaster, filed for bankruptcy protection after reaching an agreement in principle with investors over a balance-sheet restructuring, a decade after a private-equity-led buyout left the company laden with billions in debt, WSJ Pro Bankruptcy reported. iHeartMedia said today that the agreement in principle was with holders of more than $10 billion of its outstanding debt and its financial sponsors. The chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, came after months of talks with investors on restructuring terms. Based in San Antonio, iHeart operates 856 terrestrial stations and controls Clear Channel Outdoor Holdings Inc., one of the biggest billboard companies in the world. The company said Clear Channel Outdoor and its subsidiaries didn’t commence chapter 11 proceedings. It also said its day-to-day operations would continue as usual during the restructuring process. iHeartMedia said it believes its cash on hand, together with cash generated from continuing operations, will be sufficient to fund and support the business during the bankruptcy proceedings.

Indian mobile carrier Aircel Ltd. said today that it filed for bankruptcy pressured by a high debt pile and mounting losses following a price war triggered by a telecom upstart, Reuters reported. Talks between Aircel, 74 percent owned by Malaysia’s Maxis Communications Bhd, and Reliance Communications Ltd (RCom) to combine their wireless operations ended late 2017 due to regulatory and legal uncertainties, and interventions by various parties. Aircel, whose debt amounts to 155 billion rupees ($2.38 billion), then tried unsuccessfully to restructure its debt.

A Rio de Janeiro judge decided yesterday that a shareholders meeting called by a major equity holder in debt-laden Brazilian telecoms carrier Oi SA will have no legal effect on the company’s in-court restructuring, Reuters reported. Responding to various petitions from Oi shareholders, Judge Ricardo Lafayette Campos also upheld a plan approved by bondholders in December and courts in January to take the company out of bankruptcy protection. In December, after a dramatic and fractious 18-month battle, bondholders in Oi — Brazil’s largest fixed-line carrier — approved the plan to take the carrier out of bankruptcy protection and inject billions of dollars of fresh capital into the carrier. During the proceedings, the judge overseeing the case removed the company’s board from the process, and creditors eventually approved a plan with a significant equity dilution.

Avaya Holdings Corp. shares started trading yesterday on the New York Stock Exchange, the first time the enterprise telecommunications provider has been public in more than a decade, Reuters reported. Avaya spent the past year sorting its financials in a chapter 11 bankruptcy process before listing its shares publicly this week. It was acquired in a leveraged buyout in 2007 for $8.2 billion by Silver Lake Partners LP and TPG Capital LP. One new challenge for Avaya, which now has a market capitalization of about $2.2 billion, as well as $2.9 billion in debt, will be attracting a new set of shareholders after being private for so long. It converted its debt to equity in order to list its shares. “With the debt converting to equity, I would imagine we would transition over the next few months to new value equity shareholders,” said Avaya Chief Executive Jim Chirico.