We are happy to announce that SSG Capital Advisors, LLC (“SSG”) acted as the investment banker to Last Mile Inc. d/b/a Sting Communications (“Sting” or the “Company”) in the sale of substantially all of its assets to an affiliate of Global Leveraged Capital.

Based in Lebanon, PA, Sting 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. The Company’s liquidity was constrained as a result of payment delays and ongoing negotiations with its fiber optic provider. In order to preserve going concern value, the Company filed a Chapter 11 proceeding.

The Company retained SSG to explore strategic alternatives. 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

Other professionals who worked on the transaction include:

• Thomas A. Pitta of Emmet, Marvin & Martin LLP, counsel to the Debtor;
• Alan D. Halperin and Debra Cohen of Halperin Battaglia Raicht, LLP, counsel to the Official Committee of Unsecured Creditors; and
• Robert J. Stark and Howard S. Steel of Brown Rudnick LLP, counsel to Global Leveraged Capital.