Colocation company Internap Corporation (INAP) has emerged from Chapter 11 bankruptcy protection, and appointed a new CEO.
The company had to file for bankruptcy back in March. The plan to financially restructure was confirmed by the US Bankruptcy Court for the Southern District of New York on May 4, 2020.
According to INAP, its financial position has been strengthened by substantially reducing debt, extending maturities, and enhancing liquidity. INAP also closed a new five-year $225m loan as well as a three-year $75m loan.
Change of leader
Peter D. Aquino, outgoing INAP chairman and CEO, said: “When we began the restructuring process, we did so with a clear objective of strengthening our capital structure and best positioning INAP for long-term growth and success. Our ability to achieve this goal and emerge from Chapter 11 as quickly as we did is a testament to our incredibly talented team and the strong relationships we have cultivated with our customers and partners."
The new CEO, Michael Sicoli, joined INAP in October last year as president and chief financial officer. In his new role as CEO, he will be overseeing the company as it emerges as a private company.
The new CEO said: “I am honored to have the opportunity to lead the INAP team as we enter this new phase of strategic growth with a blue-chip group of investors. With our new capital structure in place, we are stronger than ever."
“On behalf of the entire INAP team, I would like to thank Pete for his years of dedicated service. We wish him well in the future.”