--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-24-085992" form_type: "8-K" ticker: null cik: "0001333835" company_name: "Casa Systems Inc" filed_at: "2024-04-03T23:59:59+00:00" generated_at: "2026-06-04T02:45:58.478153+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.95 calibrated_materiality_score: 0.95 confidence: "high" source: SEC EDGAR --- # Casa Systems files Chapter 11; sells 5G core/RAN to Lumine for $15M, cable to Vecima for $20M ## Summary - Filed voluntary Chapter 11 petitions on April 3, 2024; intends to sell substantially all assets. - Entered APA with Lumine Group for 5G Mobile Core and RAN assets for $15M, subject to court approval. - Entered stalking horse APA with Vecima for cable business at $20M; auction for higher bids in mid-May. - RSA with >98% of senior secured lenders allows use of cash on hand and Cloud/RAN proceeds to fund operations. - Common stockholders likely receive no distribution; NetComm Australian VA is separate. ## SEC filing metadata - accession: 0001193125-24-085992 - form_type: 8-K - cik: 0001333835 - company_name: Casa Systems Inc - filed_at: 2024-04-03T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.95 - calibrated_materiality_score: 0.95 - confidence: high - sec_items: 1.01, 1.03, 2.04, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1333835/000119312524085992/0001193125-24-085992-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1333835/000119312524085992/d818677d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-24-085992 - JSON: https://secwatch.observer/filing/0001193125-24-085992.json - Plain text: https://secwatch.observer/filing/0001193125-24-085992.txt ## Key facts - Debt Financings Casa Systems Inc reported a default on credit facility. - Instrument: credit facility - Event: default source text: The commencement of the Chapter 11 Cases described in Item 1.03 above constitutes an event of default that accelerated the Company’s obligations under the Credit Agreements. evidence_url: https://www.sec.gov/Archives/edgar/data/1333835/000119312524085992/0001193125-24-085992-index.htm - Distress & Bankruptcy Casa Systems Inc entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-04-03). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the District of Delaware - Petition: 2024-04-03 source text: On April 3, 2024, the Debtors filed voluntary petitions for relief under the Bankruptcy Code in the Bankruptcy Court thereby commencing the Chapter 11 Cases. evidence_url: https://www.sec.gov/Archives/edgar/data/1333835/000119312524085992/0001193125-24-085992-index.htm - Material Agreements Casa Systems Inc entered into Cable Stalking Horse Asset Purchase Agreement with Vecima Technology Inc. valued at Sale of cable and broadband business assets for $20,000,000, subject to reductions, expense reimburs (effective 2024-04-02). - Action: entry - Agreement: asset purchase - Counterparty: Vecima Technology Inc. - Value: Sale of cable and broadband business assets for $20,000,000, subject to reductions, expense reimburs - Effective: 2024-04-02 source text: On April 2, 2024, the Company and certain of its subsidiaries entered into a “stalking horse” asset purchase agreement with Vecima Technology Inc. (“Vecima”), providing for the sale and purchase of certain assets related to the Debtors’ cable and broadband business units (the “Cable Stalking Horse APA”). evidence_url: https://www.sec.gov/Archives/edgar/data/1333835/000119312524085992/0001193125-24-085992-index.htm - Material Agreements Casa Systems Inc entered into Restructuring Support Agreement with Consenting Superpriority Term Loan Lenders and Consenting Stub Lenders (collectively, Consenting Term Loan Lenders) valued at Restructuring Support Agreement; transactions include chapter 11 cases, cash collateral use, asset s (effective 2024-04-02). - Action: entry - Agreement: credit facility - Counterparty: Consenting Superpriority Term Loan Lenders and Consenting Stub Lenders (collectively, Consenting Term Loan Lenders) - Value: Restructuring Support Agreement; transactions include chapter 11 cases, cash collateral use, asset s - Effective: 2024-04-02 source text: On April 2, 2024, Casa Systems, Inc. (the “Company”) entered into a Restructuring Support Agreement (including all exhibits thereto, collectively, the “RSA”) with (i) certain of its affiliates (as set forth in the RSA, and together with the Company, the “Company Parties”), (ii) certain lenders (the “Consenting Superpriority Term Loan Lenders”) under that certain Superpriority Credit Agreement, dated as of June 15, 2023 (as amended, the “Superpriority Credit Agreement”); and (iii) certain lenders (the “Consenting Stub Lenders” and together with the Consenting Superpriority Term Loan Lenders, the “Consenting Term Loan Lenders”) under that certain Credit Agreement, dated as of December 20, 2016 (as amended, the “2016 Credit Agreement” and together with the Superpriority Credit Agreement, the “Credit Agreements”). evidence_url: https://www.sec.gov/Archives/edgar/data/1333835/000119312524085992/0001193125-24-085992-index.htm - Material Agreements Casa Systems Inc entered into Cloud/RAN Asset Purchase Agreement with Lumine Group US Holdco Inc. valued at Sale of cloud-native software portfolio and radio access networks business for $15,000,000, subject (effective 2024-04-02). - Action: entry - Agreement: asset purchase - Counterparty: Lumine Group US Holdco Inc. - Value: Sale of cloud-native software portfolio and radio access networks business for $15,000,000, subject - Effective: 2024-04-02 source text: On April 2, 2024, the Company and certain of its subsidiaries entered into an asset purchase agreement with Lumine Group US Holdco Inc. (“Lumine”) providing for the sale and purchase of the Debtors’ cloud-native software portfolio, radio access networks business and related assets (the “Cloud/RAN APA”). evidence_url: https://www.sec.gov/Archives/edgar/data/1333835/000119312524085992/0001193125-24-085992-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.