Starry exits Chapter 11

Starry, the fixed wireless access specialist, said it has exited its Chapter 11 reorganization and is again poised to go after 'big Internet' competition. #pressrelease

August 31, 2023

2 Min Read

BOSTON – Starry Group Holdings, Inc., (the "Company" or "Starry"), a licensed fixed wireless technology developer and internet service provider, today announced that it has successfully completed its Chapter 11 restructuring process and has emerged well-positioned for growth with a clear pathway to profitability. On May 26, 2023, the U.S. Bankruptcy Court for the District of Delaware confirmed the Company's Plan of Reorganization, which provides for a strengthening of the company's balance sheet through an elimination and restructuring of the company's debt and an infusion of exit funding.

Following its successful restructuring process and with the Plan of Reorganization in effect, Starry will be a privately-held company. Shares of Starry common stock will halt trading on the over-the-counter (OTC) market effective immediately. Starry's board of directors will now include Moulle-Berteaux and Chet Kanojia (co-founder and former Starry CEO).

In addition to Starry's financial restructuring, over the last year the company took additional measures to increase its operational efficiency, including executing a workforce reduction

and refocusing its growth efforts on its five core markets: Boston, New York City, DC, Denver and Los Angeles.

Today, Starry is delivering affordable, high-speed broadband services to those communities offering customers transparent and simple 'no tricks' pricing, world-class customer care, no punitive data caps, no junk fees and robust speed plans at affordable prices. Delighting customers with 'frustration-free broadband' remains a foundational element of the Starry customer experience, distinguishing the company as a leader in customer satisfaction among internet service providers. Starry ended 2022 with an average 61 NPS (net promoter score), an industry leader.

Additionally, Starry continues to support and expand access to its digital equity program, Starry Connect, which specifically focuses on serving families living in public and affordable housing communities, and will continue to make available the federal government's Affordable Connectivity Program (ACP) benefit to eligible households. In May, the company released its first Starry Connect Impact Report, detailing its work to help close the digital divide in underserved communities.

In February 2023, Starry filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and entered into a Restructuring Support Agreement with lenders holding the Company's debt. Starry operations have continued as normal throughout the restructuring process.

Read the full press release here.


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