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Velti to sell businesses to Blackstone, US ops file for bankruptcy

Monday, 4 Nov 2013 | 5:39 AM ET

Nov 4 (Reuters) - Velti Plc said it would sell its mobile marketing business in the United States, the UK and India to Blackstone Group LP, and that it filed for bankruptcy under Chapter 11 for its remaining U.S. operations.

GSO Capital Partners LP, the credit division of Blackstone, has committed to provide up to $25 million in debtor-in-possession financing, including a $10 million cash injection, to support the operations it is buying, Velti said.

A U.S. unit, Mobclix, filed a Chapter 7 petition to wind down its business.

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