INAP Takes Action to Strengthen Capital Structure for the Future, Entering into Restructuring Support Agreement with Ad Hoc Lender Group
INTERNAP CORP COMMON (INAP)
Last internap corp common earnings: 11/12 07:30 am
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US:NASDAQ Investor Relations:
ir.inap.com/investor-relations
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Source: PR Newswire
RESTON, Va., March 16, 2020 /PRNewswire/ -- Internap Corporation ("INAP" or "the Company") (NASDAQ: INAP) today announced definitive steps through which it expects to significantly reduce debt and extend maturities, equipping INAP to generate the cash flows needed to grow the business and reinvest in its products and customers. To support this strengthening of its capital structure, INAP entered into a Restructuring Support Agreement (the "RSA") with an ad hoc lender group (the "Ad Hoc Lender Group") holding approximately 77% of its outstanding term loans. With support of the Ad Hoc Lender Group, INAP and each of its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. "INAP has been exploring strategic alternatives and financial initiatives to best position the Company in an ever-evolving IT infrastructure landscape. After a thoughtful evaluation of all available options, today, we
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