8-K
filed May 6, 2024, 7:59 PM ET
CIK 0001353538
other material
confidence high
sentiment negative
materiality 0.95
Appgate, Inc.: going-concern / distress — Appgate files Chapter 11 bankruptcy, restructuring deal wipes out equity holders
Appgate, Inc.
- Filed Chapter 11 on May 6, 2024 in Delaware; seeks joint administration as 'In re Appgate, Inc., et al.'
- Restructuring Support Agreement with 100% of 1L/2L noteholders, 100% 3L RCF lender, ~89% equityholders.
- Plan: 1L/2L noteholders get pro-rata equity in reorganized company; equity interests cancelled with no distribution.
- DIP Credit Agreement provides $18M superpriority secured facility to fund Chapter 11 operations and working capital.
- Additional Notes issued totaling $18.2M gross proceeds in April-May 2024; amendment raised capacity to $30M.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.99
Appgate, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-05-06).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2024-05-06
Exact text from the filing
On May 6, 2024 (the “ Petition Date ”), Appgate and certain of its subsidiaries (collectively, the “ Debtors ”) filed voluntary petitions (the “ Bankruptcy Petitions ,” and the cases commenced thereby, the “ Chapter 11 Cases ”) for relief under Chapter 11 of the United States Bankruptcy Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the 2 District of Delaware (the “ Bankruptcy Court ”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Steven Panagos was appointed as Director at Appgate, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
On May 2, 2024, the Company appointed Jeanne Manischewitz and Steven Panagos to the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Jeanne Manischewitz was appointed as Director at Appgate, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
On May 2, 2024, the Company appointed Jeanne Manischewitz and Steven Panagos to the Company’s Board of Directors.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.85
Appgate, Inc. amended A&R Note Issuance Agreement with Magnetar Financial LLC (effective 2024-05-02).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- Magnetar Financial LLC
- Effective
- 2024-05-02
Exact text from the filing
(“ ES Colombia ” and, collectively with the Domestic Subsidiary Guarantors, Appgate and ES Japan, the “ Note Guarantors ”), Magnetar Financial LLC (collectively with its affiliates, “ Magnetar ”), as representative of the lenders, (the “ Lenders ”) party to that certain A&R Note Purchase Agreement, dated June 9, 2023, by and among Legacy Appgate and the Lenders (the “ A&R Note Purchase Agreement ”), and U.S.
View on SEC.gov
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