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SSG Client Transactions

Title

Sting Communications
Client Profile

Client Profile

Based in Lebanon, PA, Sting Communications is a network systems integration company that provides next generation network transport and managed services. With over 2,000 miles of fiber backbone, the Company is a market leader in providing high speed broadband to education, healthcare and enterprise customers in the Mid-Atlantic region. The Company is also uniquely suited to provide network services to rural and underserved communities.
Situation

Situation

Although the Company historically operated profitably, payment delays by a customer and negotiations with a fiber optic provider necessitated Sting’s filing for Chapter 11 bankruptcy protection. As a result, the Company’s liquidity was constrained, which caused the Company difficulty in performing to its business plan.
Solution

Solution

The Company retained SSG to explore strategic alternatives. SSG conducted a comprehensive marketing process which resulted in a wide range of potential buyers, including multiple strategic and financial parties interested in the Company as a going concern. Global Leveraged Capital Advisors, LLC ("GLC"), the holder of Sting's subordinated notes, acquired the senior secured debt during the Chapter 11 proceeding and agreed to provide DIP financing as a bridge to the eventual acquisition of the Company's assets by an affiliate. GLC acquired Sting's assets through a plan of reorganization that was confirmed by the U. S. Bankruptcy Court for the Southern District of New York and the transaction closed in April, 2014.
April 2014
has sold substantially all of
its assets to an affiliate of
Through a Plan of Reorganization in the U.S. Bankruptcy Court for the Southern District of New York.
The undersigned acted as Investment Banker to Last Mile Inc. d/b/a Sting Communications.

Call to learn more

Call to learn more

If you would like to learn more about this transaction, or any of our transactions, call us today.

Philadelphia
(610) 940-1094

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New York
(212) 786-7432

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