Edgio, Inc. Launches Strategic Financial Restructuring to Facilitate Sale and Strengthen Operations
Enters into Stalking Horse Asset Purchase Agreement in Connection with Contemplated In-Court Sale Process
Files Voluntary Petitions for Chapter 11 Relief to Effectuate a Transaction
Committed to Continue Delivering with Excellence for Partners and Customers
The Company enters this process with the support of its primary lender, Lynrock Lake Master Fund LP (“Lynrock”), to facilitate a smooth and efficient completion of the Chapter 11 Cases. To anchor the sale process, Edgio has entered into a stalking horse asset purchase agreement with Lynrock, which has agreed to acquire assets of the Company through a credit bid in the amount of
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Edgio Applications and Security Suite
- Securing high performance website and applications using AI for blue-chip customers globally
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Edgio Uplynk Platform
- Managed SaaS platform for streaming operations for the largest media, sports, and cable brands
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Edgio Delivery
- Leading edge network purpose-built for enterprises globally
Edgio’s award winning products and solutions have been recognized for their innovation and solid performance and are positioned to contribute to the rapidly evolving digital landscape. The Company is targeting the sale process to be completed in approximately 80 days, if not sooner.
“We are confident the flexibility gained through this process will enable the continued delivery of video streaming and web security solutions to our over 935 global customers who rely on us daily,” said Todd Hinders, Chief Executive Officer, Edgio.
Edgio has also entered into an agreement to receive approximately
These motions, upon approval, will help facilitate the continued payment of employee wages and benefits, enable payments to critical vendors and other relief measures customary in these circumstances.
Additional information is available through the Company’s claims agent, Omni Agent Solutions, at https://omniagentsolutions.com/Edgio. Stakeholders with questions can email EdgioInquiries@OmniAgnt.com or call 866-989-3041 (
Forward-Looking Statements Disclaimer
This press release contains “forward-looking statements” within the meaning of the federal securities laws. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “expects,” “estimates,” “intends,” and similar expressions that concern the Company's strategy, plans, intentions or beliefs about future occurrences or results, including without limitation, statements regarding the Company's current expectations and intentions with respect to the filing of its Chapter 11 Cases and the asset purchase agreement with Lynrock. It is very difficult to predict the effect of known factors, and the Company cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including: risks attendant to the bankruptcy process, including the Company’s ability to obtain court approval from the Court with respect to motions or other requests made to the Court throughout the course of the chapter 11 cases; the Company Parties’ ability to negotiate and confirm a sale of its assets under Section 363 of the Chapter 11 of the
Advisors
Milbank LLP and Richards, Layton & Finger are serving as legal advisors, Riveron is serving as financial restructuring advisor, TD Securities (
About Edgio, Inc.
Edgio (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Our developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. To learn more, visit edg.io and follow us on Twitter, LinkedIn and Facebook.
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Media:
Edgio
C Street Advisory Group
Edgio@thecstreet.com
Source: Edgio, Inc.