Barings-Backed Internet Seller GigaMonster Files for Bankruptcy

GigaMonster Networks LLC, which sells internet services to multifamily residential and commercial buildings, filed for Chapter 11 bankruptcy in Delaware with plans to sell itself.

• Georgia-based Gigamonster listed assets and liabilities of at least $50 million each in its bankruptcy petition
• Barings Asset-Based Income Fund (US) LP owns a majority of GigaMonster, per court papers
• Existing lender M/C Partners VIII LP is slated to provide debtor-in-posession financing and entities affiliated with M/C will serve as the stalking-horse bidder for GigaMonster, court papers show
• The case is GigaMonster Networks LLC, 23-10051, U.S. Bankruptcy Court for the District of Delaware ...