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Internap Corp. (fka INAPQ)

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Last Post: 6/23/2020 3:41:40 PM - Followers: 15 - Board type: Free - Posts Today: 0



Internap Corporation: On March 16, 2020, Milbank filed chapter 11 bankruptcy protection petitions on behalf of Internap Corporation and certain affiliates (together, “INAP”) in the United States Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”). Milbank has served as counsel to the global provider of premium data center infrastructure and cloud solutions since January 2020, when INAP approached the firm to help it navigate complex financial challenges. Stemming from market competition that resulted in sinking profits and a liquidity crisis, INAP’s balance sheet was insurmountably overleveraged, holding approximately $463.9 million of prepetition funded indebtedness and about $4 million cash on hand.

Prior to the filing in the Bankruptcy Court, and after INAP was unable to find a suitable buyer, the Milbank team successfully secured a Restructuring Support Agreement for an ad hoc group consisting of 77 percent of INAP’s prepetition term loan lenders, putting INAP on a path for success post-bankruptcy by deleveraging its balance sheet. The agreement backed a prepackaged reorganization chapter 11 plan which will equitize approximately $426.4 million of the company’s prepetition term loans, unimpair its general unsecured creditors, and allow current equity holders to obtain new equity in the reorganized company. Also pursuant to the agreement, the ad hoc group has already provided a $5 million bridge loan and will provide $70 million in debtor-in-possession funding. A May 4, 2020 combined hearing will determine the approval of INAP’s disclosure statement and prepacked plan.

Chapter 11 Restructuring Case Information and full docket:

Pro Forma statements from Bankruptcy Filings:

#466   Are they suspended or what? I guess it's Pennsy 06/23/20 03:41:40 PM
#465   Some brokers take their time dealing with cancelled Homebrew 05/12/20 05:51:24 PM
#463   Really ? I still have mine for the starteam0031 05/11/20 01:14:22 PM
#462   My shares went to zero interloper 05/11/20 01:02:44 PM
#461   Zero what ? .. I still have my starteam0031 05/11/20 01:01:26 PM
#460   Well I think we just got our answer. interloper 05/11/20 12:53:53 PM
#459   No. Shares no longer exists. Done, kaput. Tax writeoff Homebrew 05/11/20 11:17:43 AM
#458   Well that sucks if they won’t be trading interloper 05/11/20 11:09:05 AM
#457   Honestly, I have not played a bankruptcy since Bert_From_Accounting 05/11/20 11:05:18 AM
#456   I don’t know interloper 05/11/20 10:48:32 AM
#455   And yes why is Gamco was buying up starteam0031 05/11/20 10:38:25 AM
#454   So Bert. What happened to my shares now? starteam0031 05/11/20 10:37:01 AM
#453   Totally baffled GAMCO was buying up until Thursday Bert_From_Accounting 05/11/20 10:34:22 AM
#452   Interloper.. how come is not trading ? starteam0031 05/11/20 10:28:23 AM
#451   Correct. The form 4's filed Friday evening state: Bert_From_Accounting 05/11/20 10:28:06 AM
#450   Something is amiss interloper 05/11/20 10:07:03 AM
#449   INAPQ not trading anymore ? starteam0031 05/11/20 09:58:14 AM
#448   Brokers are often slow to update accounts when Homebrew 05/10/20 10:30:57 PM
#447   Can somebody tell me why my INAPQ account starteam0031 05/09/20 11:44:16 AM
#442   Same here, bought 200k shares at 0.31 and lvald13 05/08/20 10:47:51 PM
#441   I sold today my 60K of shares at JP717 05/08/20 10:36:14 PM
#440   I bought some on Monday and the rest lvald13 05/08/20 09:34:33 PM
#439   I owe you big time man, thanks a lot lvald13 05/08/20 08:51:51 PM
#438   Looks like you sold just in time. Homebrew 05/08/20 08:50:46 PM
#437   The money is in my account lvald13 05/08/20 08:47:50 PM
#436   What does your brokerage account show? Homebrew 05/08/20 08:46:40 PM
#435   I sold mines, so it won't affect me right lvald13 05/08/20 08:45:15 PM
#434   Whoever had shares lost their investment. Homebrew 05/08/20 08:42:37 PM
#433   Renee what happens with the transactions that took lvald13 05/08/20 08:33:37 PM
#432   INAPQ: Bankruptcy PLAN effective. All shares cancelled. ***Note: Renee 05/08/20 06:14:11 PM
#431   Is last few days of volume and price starteam0031 05/08/20 06:05:35 PM
#430   See my post #428 Bert_From_Accounting 05/08/20 12:19:57 PM
#429   So Bert why is people buying then if lvald13 05/08/20 12:05:16 PM
#428   The 75k threshold had to be met by Bert_From_Accounting 05/08/20 11:59:50 AM
#427   If your shares are converted to warrants, that Bert_From_Accounting 05/08/20 11:57:33 AM
#426   Why it is the 75k shares the limit JP717 05/08/20 11:19:03 AM
#425   Now I found your text, so if your lvald13 05/08/20 10:15:46 AM
#424   Well actually I bought 200k shares lvald13 05/08/20 09:13:16 AM
#423   No the the deadline to opt in was Bert_From_Accounting 05/08/20 09:07:12 AM
#422   Yes Bert_From_Accounting 05/08/20 09:05:29 AM
#421   so my friend, i bought my shares yesterday, lvald13 05/08/20 09:02:25 AM
#420   but can i still buy and sell INAPQ starteam0031 05/08/20 09:01:00 AM
#419   If you did not opt in, you will Bert_From_Accounting 05/08/20 08:56:48 AM
#418   or my shares are no good anymore ? starteam0031 05/08/20 08:54:43 AM
#417   Wow ok now I understand much better now starteam0031 05/08/20 08:53:55 AM
#416   What do you mean still trading? Your INAPQ Bert_From_Accounting 05/08/20 08:45:20 AM
#415   I hope you wrong. but my account yesterday starteam0031 05/08/20 08:41:05 AM
#414   Any trading on the stock is irrelevant to Bert_From_Accounting 05/08/20 08:19:13 AM
#413   Good morning Bert. What does the 10k say starteam0031 05/08/20 08:17:48 AM
#412   A lot to digest, but the 10-K was Bert_From_Accounting 05/08/20 08:16:15 AM
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