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
