Inap Files for Second Bankruptcy in Pivot to Cloud Business (1)

Internap Holding LLC, a data center and cloud computing company doing business as Inap, filed for bankruptcy a second time on Friday after selling off most of its data centers late last year failed to keep it afloat.

The company listed as much as $500 million in assets and up to the same in liabilities in a Chapter 11 petition filed in Delaware.

Through bankruptcy, Inap plans to pivot to a “stand-alone cloud business,” according to a statement. By declaring bankruptcy, the company plans to reduce debt by more than 80% and improve liquidity.

Under the plan, the ...