Pareteum gets approval to sell assets to Circles, Channel Ventures

By Sarah Lizee

Olympia, Wash., July 1 – Pareteum Corp. received court approval to sell its assets, according to an order filed with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Circles MVNE Pte. Ltd. has combined with Channel Ventures Group, LLC for a stalking horse asset purchase agreement for substantially all of the assets of the company.

Circles has agreed to acquire the company’s mobile virtual network enabler business and associated contracts, and Channel Ventures has agreed to acquire the company’s mobile virtual network operator, interactive digital media, iPass, and small and medium business enterprise businesses and associated contracts.

Consideration for the sale is a credit bid against about $60 million in secured claims under prepetition loans and proposed debtor-in-possession loan held by the stalking horse bidders.

New York-based Pareteum is a cloud communications platform-as-a-service company. The company filed bankruptcy on May 15 under Chapter 11 case number 22-10615.

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