Casa Systems Inc: going-concern / distress — Casa Systems Chapter 11 plan effective; equity cancelled; assets sold to CommScope for $45.1M

Casa Systems Inc

On June 7, 2024, Chapter 11 plan went effective; all common stock, warrants, and equity awards cancelled with no recovery.
Board of directors expired and all officers terminated on the effective date.
Cable and broadband assets sold to CommScope Technologies LLC for $45.1 million, closed June 7, 2024.
Company intends to deregister securities and cease SEC reporting obligations.
Outstanding debt under Term Loan and Superpriority Credit Agreements cancelled.

item 1.02 item 1.03 item 2.01 item 3.03 item 5.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.95

Casa Systems Inc entered chapter 11 in Bankruptcy Court (petition 2024-06-07).

Proceeding: chapter 11
Court: Bankruptcy Court
Petition: 2024-06-07

Exact text from the filing

On June 7, 2024, all conditions to the occurrence of the Effective Date set forth in the Plan and the Confirmation Order were satisfied and the Effective Date of the Plan occurred.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Casa Systems Inc completed a disposition involving CommScope Technologies LLC for $45,100,000 (closed 2024-06-07).

Action: disposition
Counterparty: CommScope Technologies LLC
Consideration: $45,100,000
Closing: 2024-06-07

Exact text from the filing

to the terms and conditions of the Cable APA, to purchase the Transferred Assets and assume the Assumed Liabilities (each as defined in the Cable APA) from the Sellers for $45,100,000. On June 4, 2024, the Bankruptcy Court approved the sale, and the sale was consummated by the Sellers and CommScope on June 7, 2024, thereby completing the disposition of the

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Source: SEC EDGAR

accession 0001193125-24-157575

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