PETITION
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15 Jan 23
It’s #BustedSPAC time! On January 11, 2023, GA-based American Virtual Cloud Technologies Inc. ($AVCT) and two affiliates (together, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Walrath). The debtors are in the cloud-based business communications services space, assisting customers who want to transfer their tech, i.e., phone services and other business applications, to the cloud. There are — sigh, tech bros (🙄) — of course, heaps of acronyms for their services: “unified communications as a service” or “UCaaS”; “communications platform as a service” or “CPaaS,” and “Microsoft Teams Direct Routing as a Service” or “DRaaS.”