RiverStreet Communications secures $20 million in financing via asset purchase agreement
What happened
RiverStreet Communications of Virginia, Inc. entered into an asset purchase agreement with funds managed by Oaktree Capital Management, L.P. This agreement provides $20 million in new financing to support normal business operations. The company is also implementing a Modified Build Plan, which involves maintaining current networks and transitioning certain unfinished expansion projects to other qualified broadband providers.
From manilatimes.net
Why it matters
The new ownership is expected to strengthen RiverStreet Communications of Virginia, Inc.'s financial foundation. The company is refocusing its operations on existing customers and its current footprint.
From manilatimes.net
Who's involved
- companyLeading provider of telecommunications and broadband services to rural and underserved communities
- Eric CramerServes as CEO of RiverStreet Communications of Virginia, Inc.
- board of directorsProvides formal governance and strategic oversight for RiverStreet Communications of Virginia, Inc.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- State corporation commission may oversee RiverStreet's bankruptcy and saleThe State Corporation Commission must oversee RiverStreet's bankruptcy and ownership changeLikely
- RiverStreet's restructuring may impact the bank it controlsChange in ownership of RiverStreet could affect the bank's operational controlPossible
- RiverStreet's bankruptcy may impact its subsidiary Finco's stabilityFinco's financial stability may be jeopardized by parent company restructuringPossible
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The entities involved
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board of directors
group of people who jointly supervise the activities of an organization
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company
legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective