Sept 12 (Reuters) - U.S. telecom services provider

Mobileum said on Thursday it had emerged from the Chapter 11

bankruptcy process, and secured $60 million of new financing to

fund its bankruptcy process, with $100 million of financing for

prepetition debt.

The company said it has eliminated approximately $530

million in prepetition debt. It previously sought to cut $529

million in debt.

The telecom services provider filed for bankruptcy in July,

amid its private equity owners battling over allegations that

the company overstated its profits when marketing itself for

sale.

Private equity firm HIG bought a majority stake in the

company from Audax in a $915 million deal in 2022. The firms

later sued each other, with HIG alleging that Audax helped

artificially inflate Mobileum's financial results before selling

it to HIG.

Audax denied the allegations and filed its own lawsuit,

saying that HIG's mismanagement "promptly ran what was a

high-performing business into the ground."