Casa Systems shares tank as co starts bankruptcy process
03/04/2024 12:24
** Shares of communication technology company Casa Systems
CASA.O down 61% at 1 cent in premarket trade
** Co initiates sale process for business under Chapter 11
bankruptcy; enters agreements to sell its 5G Mobile Core and RAN
businesses
** CASA has entered into restructuring support deal with
more than 98% of its senior secured lenders
** Its international units are not debtors in the chapter 11
process and will continue to operate pending deal closing
** CASA has asked bankruptcy court to approve procedures for
soliciting additional bids and to set an auction date for
mid-May
** As of last close, stock down 51.4%
(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com;))
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