Airspan Gets Equity Infusion From Fortress and Plans to Go Private
5G technology company Airspan Networks said it crafted an agreement with its creditors to emerge as a private company through the Chapter 11 bankruptcy process. Through an agreement with Fortress Investment Group, Airspan will receive up to $95 million of…
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new equity financing, eliminating existing debt, Airspan said this week. The deal has the support of 97.4% of Airspan’s funded debt creditors, the company said. “We are excited about the Company’s long-term growth opportunities,” said Drew McKnight, Fortress co-CEO and managing partner: “Our significant commitments through this Agreement reflect our conviction that a recapitalized Airspan can further solidify its leadership position within the wireless industry.” The company went public three years ago.