Some background: In October 2022, Starry announced that it had hired an investment bank to advise the Company and its Board of Directors on mergers and acquisitions, capital raising, and balance sheet solutions. After exploring available strategic alternatives and taking the necessary steps to conserve capital and reduce expenditures, Starry determined that the best path forward in this current economic climate was to file voluntary petitions for Chapter 11 Bankruptcy protection. Starry did so with the support of its lenders, detailed in a Restructuring Support Agreement and related financing agreements, which will allow Starry to continue providing its customers with the same great internet service that has come to define the Starry experience.
Taking these important steps allows Starry to continue business as usual while
it works to reduce the company’s debt and optimize the company’s capital
structure, ensuring that Starry will be a stronger business in the years to come.
During this process Starry will continue normal operations, with no disruption to service for existing and new customers.
You can read the full announcement details here: https://starry.com/press.