Airspan Networks announced that the United States Bankruptcy Court for the District of Delaware has confirmed its Plan of Reorganization.
Under the reorganization plan, Airspan will receive up to $95 million in equity financing, as well as access to a $20 million undrawn line of credit. In addition, Airspan’s existing funded debt will be eliminated. Once the plan is implemented, Airspan will become a private company majority-owned by affiliates of Fortress Investment Group.
“We are pleased to have achieved this important milestone,” said Glenn Laxdal, President and Chief Executive Officer of Airspan. “During the restructuring process, our team was fully focused on serving our customers and partners worldwide, and we will emerge from the process as a stronger company positioned to execute our strategic plan. We thank our employees, customers and vendors for their continued support, and look forward to Airspan’s exciting future.”
