New Chapter 11 Filing – GigaMonster Networks, LLC
On January 16, 2023, GigaMonster Networks, LLC and certain affiliates and subsidiaries (“Debtors”), filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 23-10051 (JKS)). The Debtors are developers and purveyors of universal access networks providing internet, video and other network services to multi-family and commercial real estate properties. In the petition, the Debtors report $50 million to $100 million in assets and liabilities. According to the first day declaration, the Debtors are seeking to maximize value for their shareholders through one or more sales of the Debtors’ assets. Additionally, through prepetition efforts, the Debtors have identified a group of stalking horse bidders who are affiliated with the proposed DIP Lender.
Cole Schotz P.C. does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtor’s counsel.
Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York and Texas.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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