Starry Group Holdings receives court approval of bid procedures

By Sarah Lizee

Olympia, Wash., March 22 – Starry Group Holdings, Inc. received court approval of the bid procedures for its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, under a restructuring support agreement with lenders, the company anticipates closing on a debt-for-equity restructuring with the lenders but will first conduct a marketing and auction process to identify any other potential bidders for its business.

Under the bid procedures, the lenders have set a minimum reserve price of $170 million.

The bid deadline is 5 p.m. ET on April 20, an auction will be held on April 24, and the sale hearing would take place on May 3.

Starry is a Boston-based internet service provider. The company filed bankruptcy on Feb. 20 under Chapter 11 case number 23-10219.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.