The technology sector, for the most part, has avoided a wave of bankruptcy filings that other industries have faced, including retail, restaurants, and real estate companies.
One significant technology bankruptcy this year was Pepper Pay LLC, a Miami, Fla.-based financial technology company that sold digital payment processing services to small businesses, which filed for Chapter 7 bankruptcy liquidation on March 31, according to Credit and Collection News
TPx Communications files bankruptcy And now the parent company of TPx Communications filed for Chapter 11 bankruptcy with a restructuring support agreement backed by its sponsor and secured lenders to recapitalize the debtor, eliminate significant debt, and seek a sale of its assets. The debtor filed for bankruptcy protection as its revenue growth and overall scale were insufficient to cover its funded debt obligations and to maintain the liquidity needed to fund working capital, capital expenditures, lease obligations, and ordinary expenses, according to court documents. U.S.
TelePacific Corp. and 11 affiliates filed their petition in the U.S. Bankruptcy Court for the Southern District of Texas on June 28, listing $100 million to $500 million in assets and $1 billion to $10 billion in debt. Debtor seeks $175 million sale Under the restructuring support agreement, the debtor will seek a stalking-horse bidder for the purchase of its assets for a proposed $175 million.