03:22 AM EDT, 04/01/2024 (MT Newswires) -- Airspan Networks Holdings ( MIMO ) said Sunday it has secured up to $95 million in new equity financing under a restructuring support agreement with certain funds managed by Fortress Investment Group and other key stakeholders, which will result in the company becoming a privately held entity.

Pursuant to the agreement, the company initiated Chapter 11 proceedings in a bankruptcy court in Delaware. The company said it expects court approval for the transaction in 30 to 45 days.

The deal includes over $53 million in debtor-in-possession financing from Fortress affiliates, subject to court approval and other closing conditions.

The company said its existing shareholders will have the option to receive a pro rata share of a total of $450,000 in exchange for their equity, or warrants in lieu of cash.

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