Starry Group Holdings, Inc. (Starry or the Company), a fixed wireless broadband internet service provider, announced that it has successfully emerged from chapter 11 following an expedited reorganization process. The Company’s Plan of Reorganization was previously approved by the United States Bankruptcy Court for the District of Delaware on May 26, 2023.
Starry’s fully consensual Plan was supported by 100% of the Company’s prepetition lenders, a significant majority of unsecured creditors, and the creditors’ committee – and was confirmed in 95 days after the Company’s chapter 11 filing. Through its reorganization process, Starry reduced its funded indebtedness by US$195 million while obtaining fresh capital through a new exit facility that will allow the Company to complete an operational pivot toward, and enable further investment in, existing core markets. Starry’s successful reorganization is one of the first of its kind for a deSPAC public company.
Latham & Watkins LLP represents Starry as restructuring counsel with a cross-practice team led by restructuring partners Jeff Bjork, Ted Dillman, and Jason Gott, with counsels Chris Craige and Jeffrey Mispagel, and associates Nicholas Messana, Markus von der Marwitz, Ben Roth, and Kevin Shang. The bankruptcy litigation team was led by partner Amy Quartarolo, with associates Nathan Saper, Keith Williams, and Hanna Kostamaa. Advice was also provided on corporate matters by partners Justin Hamill and Chad Rolston, with counsel Ben Kaplan; on finance matters by partners Stephanie Teicher and Ipek Seniz Yakut, with associate Qinhan (Eric) Luo; on tax matters by partner Joseph Kronsnoble, with associate Derek Gumm; and on regulatory matters by partner Elizabeth Park.