Prysm to split due to bankruptcy

Kuwait-backed display developer Prysm has filed for chapter 11 bankruptcy, selling off some assets and handing over others to Kuwait’s sovereign-wealth fund as the company splits apart.

Prysm filed for bankruptcy in the US Bankruptcy Court, citing liabilities of $273.6 million and assets of $4.6 million USD. 

ESW Capital LLC will buy Prysm’s software business for $15 million with a restructuring plan, with Prysm’s hardware divisions and remaining assets to be taken by lenders including the sovereign wealth fund and the Kuwait investment authority. 

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