Internap INAP: Internap Emerges from Bankruptcy

May 11, 2020 | Posted by Eric Bell

Internap (INAP) has completed a financial restructuring and emerged from bankruptcy. On March 16, Internap filed for Chapter 11 bankruptcy to strengthen its capital structure.

INAP negotiated a “prepackaged” bankruptcy with its lenders:
  • Completed the reorganization in just seven weeks
  • It emerged as a private company, having completed a comprehensive debt-for-equity restructuring transaction
  • INAP also closed a new five-year $225 million term loan facility, as well as a three-year $75 million exit facility
  • Vendors and most unsecured creditors will be paid
  • INAP is retaining its leases of third-party data center space

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