Airspan To Receive Up To $95 Million In New Equity Financing And Eliminate All Existing Funded Debt

By Author: otis
Total Articles: 246
Comment this article

Airspan Networks Holdings Inc. has finalized a Restructuring Support Agreement with Fortress Investment Group and key stakeholders to secure up to $95 million in new equity financing and eliminate existing funded debt. This strategic decision is aimed at positioning Airspan for long-term success in delivering 5G solutions and Open RAN technology. The company has initiated Chapter 11 bankruptcy proceedings to execute the agreement, ensuring seamless operations. Fortress affiliates have pledged more than $53 million in debtor-in-possession financing to bolster Airspan's operations during the restructuring phase. The restructuring blueprint has garnered backing from 97.4% of the company's funded debt creditors.

Airspan anticipates wrapping up the process within the next 30-45 days, transitioning into a privately held company predominantly owned by Fortress affiliates. Airspan will sustain its business operations without any disruptions and is committed to upholding its obligations to employees, customers, and suppliers throughout the transition. Existing common stockholders of the company will have the choice to receive cash or warrants in exchange for their shares. Airspan is optimistic that this restructuring will empower it to seize the substantial growth opportunities in both public and private network markets.

Read More - https://www.techdogs.com/tech-news/business-wire/airspan-to-receive-up-to-95-million-in-new-equity-financing-and-eliminate-all-existing-funded-debt