Meanwhile, Square 1 Bank, the creditor of Steelbox Networks foreclosed on the audio, video, computer and communications networks provider. Operations have ceased in all the offices the company has in 14 states and all employees have been let go at this time. Steelbox’s intellectual property now belongs to Square 1 Bank, and all of the company’s assets have been auctioned off.
NetVersant Declares Bankruptcy; Steelbox Is Shut Down
January 1, 2009
Hard times have hit two businesses, NetVersant, Houston, and SteelBox, Atlanta. NetVersant filed a voluntary petition for relief with the United States Bankruptcy Court for the District of Delaware under Chapter 11 of the Bankruptcy Code. Unprofitable projects in the western United Sates are cited as the reason for the company’s downfall. NetVersant’s Chapter 11 petition indicated the company has fewer than 50 creditors, but that those creditors are owed as much as $500 million.