United States: Casa Systems to sell assets after filing for Chapter 11

Communications equipment company Casa Systems has agreed to sell multiple assets this week after the company said it has filed for voluntary Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware. 

“Like many in our sector, Casa has experienced a significant decline in revenue and profits due in large part to industry-wide downward capital investment and procurement trends in the cable and telco markets," said Michael Glickman, chief executive officer, Casa Systems.

"We also have incurred significant investments to bring our 5G Mobile Core and RAN products to market. We believe the sales of our businesses through a Chapter 11 process will maximize value, preserve jobs, and minimize disruption for our customers.”

"To support its operations during the court-supervised process, the company is filing a variety of customary motions seeking, among other things, authorization to meet its obligations to its employees, customers, and vendors. The company expects to receive Bankruptcy Court approval for these requests," the company added.