secwatch.observer — SEC 8-K summary
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Issuer:     Appgate, Inc. (—)
CIK:        0001353538
Form:       8-K
Filed at:   2024-05-06T23:59:59+00:00
Accession:  0001628280-24-020689
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.01, 2.03, 1.03, 2.04, 3.02, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/0001628280-24-020689-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1353538/000162828024020689/apgt-20240430.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-020689

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