Content delivery services provider Edgio has filed for Chapter 11 bankruptcy in Delaware, United States.
The company listed $379 million in assets and $369 million in liabilities, according to court papers.
“We are confident the flexibility gained through this process will enable the continued delivery of video streaming and web security solutions to our over 935 global customers who rely on us daily,” said Edgio CEO, Todd Hinders.
The company’s primary lender, Lynrock Lake Master Fund LP, has made what is described as a stalking horse asset purchase agreement to acquire assets of the company through a credit bid in the amount of $110 million of the existing secured debt held by Lynrock.
Edgio added it has held discussions with a number of interested parties for a potential sale of all or part of the business and assets. A sale is expected within 80 days.
Edgio launched in 2022 following the acquisition of Edgecast by Limelight Networks.
