Overland loan default throws spanner in 3D Sphere spin-out works

Overland Storage has missed making an interest payment due on August 1,  which means the creditor could call in  repayment of the entire debt.

Overland’s parent company Sphere 3D said in a statement it is trying to resolve the issue, but “there can be no assurance that the Lenders will ultimately agree to any such resolution.”

How will this affect Sphere 3D’s proposed $45m spin out of Overland Storage and Tandberg Data? This was agreed in July subject to closing conditions and the buyer is Silicon Valley Technology Partners, an entity set up and controlled by Sphere 3D CEO and chairman Eric Kelly. 

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