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Pareteum Files For Bankruptcy, Enters Stalking Horse Sale Deal

May 16, 2022, 3:21 AM

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 ...