Broadband gear and cloud services company DZS has ceased operations in the US after entering Chapter 7 protection last week.
The company stated that it had entered the liquidation proceeding under Chapter 7 of the United States Bankruptcy Code.
Plano-based DZS said its foreign subsidiaries in Germany, the United Kingdom, and Australia may continue to exist outside of the US liquidation.
“It is with utmost disappointment that we share that DZS was unable to secure the necessary working capital from either its current lender or any prospective lenders to sustain the business going forward,” said DZS in a statement last week.
“As a result, on Friday, March 14, the Company commenced a liquidation proceeding under Chapter 7 of the United States…
