Edgio Enters Into Stalking Horse Asset Purchase Agreement With Lynrock, Which Has Agreed To Acquire Assets Of The Co Through A Credit Bid In The Amount Of $110M Of The Existing Secured Debt Held By Lynrock
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Edgio, Inc. has filed for Chapter 11 bankruptcy to facilitate a sale process, with Lynrock Lake Master Fund LP as the stalking horse bidder. Lynrock has agreed to acquire Edgio's assets through a $110 million credit bid. The process aims to ensure continued operations under new ownership.
September 09, 2024 | 1:34 pm
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Edgio, Inc. has filed for Chapter 11 bankruptcy, with Lynrock Lake Master Fund LP as the stalking horse bidder. Lynrock plans to acquire Edgio's assets through a $110 million credit bid, aiming for a smooth transition and continued operations.
The filing for Chapter 11 bankruptcy indicates financial distress, which typically has a negative impact on stock prices. However, the involvement of Lynrock as a stalking horse bidder provides some stability and potential for continued operations, slightly mitigating the negative impact.
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