Pareteum Files For Bankruptcy, Enters Stalking Horse Sale Deal

Pareteum Corporation filed for Chapter 11 bankruptcy in the Court for the Southern District of New York, according to a court filing and statement.

• Estimated liabilities are $50m-$100m; estimated assets are $10m-$50m
• Circles MVNE Pte. Ltd. has combined with Channel Ventures Group to execute a stalking horse asset purchase agreement for substantially all of the company’s assets
  • Circles has agreed to acquire the Company’s Mobile Virtual Network Enabler and associated contracts
  • CVG has agreed to acquire the Company’s Mobile Virtual Network Operator, IDM, iPass, and Small and Medium Business Enterprise businesses and associated contracts
• Expects to continue operations as ...