Mobileum Inc. Enters into Restructuring Support Agreement to Eliminate $529 Million of Debt

Mobileum Inc., a global provider of analytics and network solutions, has announced a major financial restructuring plan to eliminate $529 million of prepetition debt. The company has entered into a Restructuring Support Agreement and filed voluntary petitions for pre-packaged chapter 11 cases to implement the restructuring transactions.

The restructuring has the full support of Mobileum’s key financial partners and is expected to strengthen the company’s financial foundation. Through the restructuring, Mobileum will significantly deleverage its capital structure and receive $60 million of new funding through a DIP-to-exit facility.

Mike Salfity, the Chief Executive Officer of Mobileum, stated that the restructuring will position the company as a leading provider in the telecom industry for the long-term. He assured customers of uninterrupted access to Mobileum’s products and services during the process.

The Restructuring Support Agreement has been agreed to by a majority of the company’s lenders and equity holders. The restructuring will eliminate a significant amount of debt and reduce interest expenses, allowing Mobileum to capitalize on 5G and IoT opportunities.

Global operations are expected to continue without interruption during the chapter 11 cases, with all telecommunications products and services remaining available. The company has secured $60 million in debtor-in-possession financing to fund operations during the restructuring process.

Mobileum’s international operations are not part of the court-supervised restructuring process, and trade vendors and suppliers will be paid in full for goods and services provided after the filing date. The company expects to emerge from chapter 11 within 60 days.

Legal counsel, investment bankers, financial advisors, and strategic communications advisors are assisting Mobileum in the restructuring process. Mobileum is a leading provider of telecom analytics solutions for roaming, core network, security, and customer intelligence, serving a global customer base.

For more information about Mobileum’s financial restructuring, stakeholders can visit the company’s website or contact the Claims Agent. The company remains committed to serving its customers and advancing its strategic initiatives during this process.