Casa Systems Says "Stalking Horse" Asset Purchase Agreement For Sale And Purchase Of Some Assets Related To Debtors' Cable And Broadband Business Units; Vecima Agreed To Acquire Transferred Assets And Assume Assumed Liabilities From Co, Some Units For $20M; Will Continue To Operate Its Business As A "Debtor In Possession" Under Jurisdiction Of Bankruptcy Court
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Casa Systems has entered into a 'stalking horse' asset purchase agreement for the sale of certain assets related to its cable and broadband business units to Vecima for $20M. Casa Systems will continue to operate under the jurisdiction of the bankruptcy court as a debtor in possession, according to an SEC filing.
April 03, 2024 | 8:39 pm
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Casa Systems has agreed to sell certain assets of its cable and broadband units to Vecima for $20M, and will operate as a debtor in possession under bankruptcy court.
The sale of assets and the status of operating as a debtor in possession indicate financial distress, which could negatively impact investor confidence and the stock price of Casa Systems in the short term.
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