Edgio, Inc.: going-concern / distress — Edgio files Chapter 11, stalking horse APA with Lynrock for $110M credit bid

Edgio, Inc.

Asset Purchase Agreement with Lynrock affiliate for $110M credit bid; Lynrock is stalking horse bidder.
DIP financing of $15.6M from Lynrock approved to fund operations during Chapter 11.
Automatic acceleration of ~$94.4M (Credit Agreement), $141M (Indenture), $9.2M (Priority Credit Agreement).
Sale process expected to complete in about 80 days; common stock likely delisted and may have no recovery.
Company expects holders of common stock will experience complete or significant loss on investment.

item 1.01 item 1.03 item 2.03 item 2.04 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Edgio, Inc. entered chapter 11 in U.S. Bankruptcy Court for the District of Delaware (petition 2024-09-09).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court for the District of Delaware
Petition: 2024-09-09

Exact text from the filing

On September 9, 2024 (the “ Petition Date ”), Edgio, Inc. (the “ Company ”) and certain of its direct and indirect subsidiaries (collectively, the “ Company Parties ”) filed voluntary petitions (the “ Chapter 11 Cases ”) under Chapter 11 of the U.S. Bankruptcy Code (the “ Bankruptcy Code ”) in the U.S. Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).

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Source: SEC EDGAR

accession 0001193125-24-215572

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