Starry Group Holdings, Inc.: going-concern / distress — Starry Group Holdings files Chapter 11 bankruptcy with $43M DIP financing and restructuring support from lenders

Starry Group Holdings, Inc.

Filed voluntary Chapter 11 petitions in Delaware Bankruptcy Court on Feb 20, 2023.
Entered RSA with lenders holding 100% of ~$287M prepetition debt; plan contemplates debt-for-equity restructuring or sale.
DIP financing of $43M from lenders to fund operations; additional $11M exit facility committed.
Customer operations in five core markets (Boston, NYC, LA, Denver, DC) continue uninterrupted.
Director Amish Jani resigned from board effective Feb 20, 2023; board reduced to four members.

item 1.01 item 1.03 item 2.04 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Amish Jani

Director

Starry Group Holdings, Inc.

Effective: 2023-02-20
Filed: February 21, 2023, 6:59 PM ET

On February 20, 2023, Amish Jani informed the Company of his voluntary resignation from the board of directors of the Company (the “Board”) effective February 20, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Starry Group Holdings, Inc. faced acceleration on credit facility of $287.0 million.

Instrument: credit facility
Principal: $287.0 million
Event: acceleration

Exact text from the filing

The filing of the Chapter 11 Cases constitutes an event of default that accelerated obligations under the Prepetition Credit Agreement with respect to approximately $287.0 million of principal, interest, fees, and prepayment premium thereunder.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Starry Group Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-02-20).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-02-20

Exact text from the filing

commenced voluntary chapter 11 proceedings under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware

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Executive change SEC 8-K Item 5.02 confidence 1.0

Amish Jani resigned as Director at Starry Group Holdings, Inc..

Action: resigned
Role: Director

Exact text from the filing

On February 20, 2023, Amish Jani informed the Company of his voluntary resignation from the board of directors of the Company (the “Board”) effective February 20, 2023.

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41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0000950170-23-003315

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