Edgio Files For Chapter 11 Relief
Portfolio Pulse from Benzinga Newsdesk
Edgio has filed for Chapter 11 bankruptcy and entered into a stalking horse asset purchase agreement as part of an in-court sale process. The company aims to continue operations and service delivery during this period.
September 09, 2024 | 1:31 pm
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Edgio has filed for Chapter 11 bankruptcy and is pursuing a stalking horse asset purchase agreement. This move is part of an in-court sale process, indicating financial distress but a plan to continue operations.
The filing for Chapter 11 indicates significant financial distress, which is likely to negatively impact the stock price. However, the stalking horse agreement suggests a structured plan to manage the situation, which may mitigate some investor concerns.
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