Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Goodman Networks Chapter 11 Petition Filed

Goodman Networks (f/k/a Multiband) and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 17-31575. The Company, which provides end-to-end network infrastructure and professional services to the telecommunications industry, is represented by Stephen M. Pezanosky of Haynes and Boone. On January 25, 2017, Goodman Networks announced its entry into a restructuring support agreement with holders of the Company's 12.125% Senior Secured Notes due 2018 who hold more than 75% of the outstanding notes and more than 80% of the Company's equity holders regarding a comprehensive financial restructuring transaction that will result in a stronger balance sheet for the Company. At the time of that announcement, John Goodman, Company executive chairman and C.E.O., commented, "The planned restructuring of the Company will allow us to establish a strong and sustainable capital structure and maximize value for our stakeholders. Since the original founders took control of the Company in November, it has been our goal to consensually restructure the Company's secured debt load with our noteholders in a way that ensures continuity of service for the Company's valued customers and maintains the jobs of its workforce."

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