---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-020689"
form_type: "8-K"
ticker: null
cik: "0001353538"
company_name: "Appgate, Inc."
filed_at: "2024-05-06T23:59:59+00:00"
generated_at: "2026-06-02T21:52:07.425270+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Appgate files Chapter 11 bankruptcy, restructuring deal wipes out equity holders

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-24-020689
- form_type: 8-K
- cik: 0001353538
- company_name: Appgate, Inc.
- filed_at: 2024-05-06T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 2.03, 1.03, 2.04, 3.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/0001628280-24-020689-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/apgt-20240430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-020689
- JSON: https://secwatch.observer/filing/0001628280-24-020689.json
- Plain text: https://secwatch.observer/filing/0001628280-24-020689.txt

## Key facts
- Distress & Bankruptcy
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/0001628280-24-020689-index.htm
- Executive change
  Steven Panagos was appointed as Director at Appgate, Inc..
  - Action: appointed
  - Role: Director
  source text: On May 2, 2024, the Company appointed Jeanne Manischewitz and Steven Panagos to the Company’s Board of Directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/0001628280-24-020689-index.htm
- Executive change
  Jeanne Manischewitz was appointed as Director at Appgate, Inc..
  - Action: appointed
  - Role: Director
  source text: On May 2, 2024, the Company appointed Jeanne Manischewitz and Steven Panagos to the Company’s Board of Directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/0001628280-24-020689-index.htm
- Material Agreements
  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
  source text: (“ 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/0001628280-24-020689-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.