INAP Successfully Completes Financial Restructuring, Strengthens Strategic Position
- Company Emerges from Chapter 11 with Reduced Debt, Extended Maturities and Enhanced Liquidity
- Michael Sicoli named CEO
RESTON, Va., May 11, 2020 — Internap Corporation (“INAP” or “the Company”) today announced that the Company and its U.S. subsidiaries have emerged from Chapter 11 bankruptcy protection. This milestone marks the successful completion of INAP’s financial restructuring process and implementation of the Company’s Plan of Reorganization (the “Plan”), which was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on May 4, 2020. The Company has significantly strengthened its financial position by substantially reducing debt, extending maturities and enhancing liquidity.
“When we began the restructuring process, we did so with a clear objective of strengthening our capital structure and best positioning INAP for long-term growth and success,” said Peter D. Aquino, outgoing INAP Chairman and Chief Executive Officer. “Our ability to achieve this goal and emerge from Chapter 11 as quickly as we did is a testament to our incredibly talented team and the strong relationships we have cultivated with our customers and partners. I want to thank our lenders for working with us on this consensual restructuring plan.”
“Today marks the start of a new, exciting chapter for INAP,” Mr. Aquino continued. “I am proud to hand the baton over to Mike Sicoli, as the Company’s new Chief Executive Officer, and I am confident that he will do a terrific job leading the Company forward.”
INAP emerges as a private company, having completed a comprehensive debt-for-equity restructuring transaction. In connection with this process, INAP also closed a new five-year $225 million term loan facility as well as a three-year $75 million exit facility to enhance liquidity.
“I am honored to have the opportunity to lead the INAP team as we enter this new phase of strategic growth with a blue-chip group of investors. With our new capital structure in place, we are stronger than ever and poised to grow by delivering the most compelling combination of colocation, cloud and network services in the industry,” said new INAP Chief Executive Officer Michael Sicoli. “On behalf of the entire INAP team, I would like to thank Pete for his years of dedicated service. We wish him well in the future.”
Filings and additional information on the transaction consummated in connection with INAP’s emergence from bankruptcy can be found at https://cases.primeclerk.com/inap.
INAP was advised in this matter by FTI Consulting as restructuring advisor, Milbank LLP as legal counsel and Moelis & Company as financial advisor.
INAP is a leading-edge, global provider of IT infrastructure solutions. INAP’s full-spectrum portfolio of high-density colocation, managed cloud and high-performance network services supports evolving infrastructure requirements for customers ranging from the Fortune 500 to startups. For more information, visit www.INAP.com.