Citing "a significant decline in revenue and profits due in large part to industry-wide downward capital investment and procurement trends in the cable and telco markets," Casa Systems filed voluntary petitions for debt relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
As part of this process, the company agreed to sell its 5G Mobile Core and RAN businesses to Lumine Group and have asked the court for approval to complete the transaction by the end of April.
Additionally, Casa Systems secured a stalking horse bid from an affiliate of Vecima for our Cable and Virtual Broadband Network Gateway (vBNG) business, and anticipate that an auction process will follow, in which other parties will have the opportunity to submit bids for the business.
Casa Systems belives this sale process is the best and most viable path forward to maximize value, preserve jobs and minimize disruption for its customers.
https://www.casasaleprocess.com
