Broadband provider Brightspeed has announced the appointment of Shawn O’Donnell as CEO, amid reports that the company could file for bankruptcy as early as next month.

The Apollo Global Management-backed company named O'Donnell its new CEO on Monday (November 2), with O'Donnell succeeding Michel Combes, who had been serving as acting CEO.

The timing of the appointment came days after the Wall Street Journal reported that Brightspeed is preparing for a potential bankruptcy filing as soon as next month.

In that article, the WSJ noted that Brightspeed is seeking new investors through an asset-backed financing facility secured by subscription cash flows from its new fiber network.

Brightspeed didn't make any reference to the report in its announcement, just noting that O'Donnell's appointment is effective immediately.

He most recently served as senior managing director at FTI Consulting, leading its Americas Telecom, Media & Technology practice.

“He joins at an important time as Brightspeed continues to expand its fiber network and deliver on its mission of bringing high-quality connectivity to communities across the country. I have great confidence in Shawn and in the Brightspeed team and look forward to supporting them in my capacity as chairman," said Combes.

Combes, who was appointed CEO of AI cloud firm Lambda back in May, will continue to serve as chairman of the board at Brightspeed.

Charlotte-based Brightspeed previously secured more than $2 billion in investment last year, in addition to $3.7bn in 2024 to support the buildout of its fiber network.

The company notably acquired its ILEC (incumbent local exchange carrier) business from Lumen for $7.5 billion back in 2022, covering those 20 states. Brightspeed has passed more than three million locations with its fiber, with a target to reach four million by the end of this year.

In a research note, New Street Research's David Barden said Brightspeed will need to raise about $3 billion to fund itself through 2027. The company's gross debt as of Q3 sat at $11.6bn. Barden notes that the company is an attractive proposition for potential buyers.

DCD has contacted Brightspeed for comment.