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.
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