Casa Systems initiates chapter 11 sale process for businesses (NASDAQ:CASA)
Press Room
Casa Systems (NASDAQ:CASA) said it has initiated a court-supervised process that is intended to achieve value-maximizing sales of its businesses.
The firm said it has entered into an asset purchase agreement to sell its 5G Mobile Core and RAN businesses.
The company also entered into an initial bid on its assets to sell its cable business to an affiliate of Vecima Networks.
In connection with the sale process, the company entered a Restructuring Support Agreement with more than 98% of its senior secured lenders, which will allow the firm to use its cash on hand and proceeds of the anticipated Cloud/RAN Sale to fund its operations and Chapter 11 process.
