Contec Bolts From Bankruptcy
Cable set-top and modem repair outfit Contec Holdings Ltd. has exited Chapter 11 bankruptcy protection, completing a reorganization that cut its debt pile by $250 million and, in addition, attracted an investment of $25 million.
Bain Capital -owned Contec announced the bankruptcy exit Monday, but it became effective Friday, Nov. 2.
The Schenectady, N.Y.-based company filed for Chapter 11 on Aug. 29 with debts of more than $360 million. A Delaware court approved Contec's bankruptcy plan in early October. Most of its 2,300 employees are based in Mexico.
Why this matters
The swift exit from bankruptcy should give peace of mind to operators and vendors that rely on Contec's services. The company repairs more than 2 million cable boxes per year, including devices made by Motorola Mobility, Cisco Systems Inc. (Nasdaq: CSCO), Pace plc , Arris Group Inc. (Nasdaq: ARRS) and Samsung Corp.
With Chapter 11 behind it, Contec can now focus on other moneymaking initiatives, including QuickTest, a platform that can test more than 100 devices per hour, streamline the repair process and conduct preventative maintenance so devices that are nearing failure can be identified. Contec has signed Charter Communications Inc. as an early QuickTest customer and has contract talks under way with several other cable operators, company officials told Light Reading Cable at last month's Society of Cable Telecommunications Engineers (SCTE) Cable-Tec Expo in Orlando. (See Contec Puts Set-Tops to the Test.)
For more
— Jeff Baumgartner, Site Editor, Light Reading Cable
Bain Capital -owned Contec announced the bankruptcy exit Monday, but it became effective Friday, Nov. 2.
The Schenectady, N.Y.-based company filed for Chapter 11 on Aug. 29 with debts of more than $360 million. A Delaware court approved Contec's bankruptcy plan in early October. Most of its 2,300 employees are based in Mexico.
Why this matters
The swift exit from bankruptcy should give peace of mind to operators and vendors that rely on Contec's services. The company repairs more than 2 million cable boxes per year, including devices made by Motorola Mobility, Cisco Systems Inc. (Nasdaq: CSCO), Pace plc , Arris Group Inc. (Nasdaq: ARRS) and Samsung Corp.
With Chapter 11 behind it, Contec can now focus on other moneymaking initiatives, including QuickTest, a platform that can test more than 100 devices per hour, streamline the repair process and conduct preventative maintenance so devices that are nearing failure can be identified. Contec has signed Charter Communications Inc. as an early QuickTest customer and has contract talks under way with several other cable operators, company officials told Light Reading Cable at last month's Society of Cable Telecommunications Engineers (SCTE) Cable-Tec Expo in Orlando. (See Contec Puts Set-Tops to the Test.)
For more
- Set-Top Repair Giant Seeks Chapter 11 Fix
- Contec Nears Bankruptcy Exit
- STB Repair Firm Plots a Bolt From Bankruptcy
— Jeff Baumgartner, Site Editor, Light Reading Cable
EDUCATIONAL RESOURCES
FEATURED VIDEO
UPCOMING LIVE EVENTS
February 7-9, 2023, Virtual Event
February 15, 2023, Virtual Event
March 15-16, 2023, Embassy Suites, Denver, CO
March 21, 2023, Virtual Event
May 15-17, 2023, Austin, TX
December 6-7, 2023, New York City
UPCOMING WEBINARS
February 2, 2023
DIY Data Center Automation Deep Dive: Challenges and Opportunities for CSPs, Enterprises, and Cloud Providers
February 7, 2023
Optical Networking Digital Symposium - Day 1
February 9, 2023
Optical Networking Digital Symposium - Day 2
February 14, 2023
Achieve Your Growth Potential with Next-Gen Content Delivery
February 15, 2023
Digital Divide Digital Symposium
February 16, 2023
SCTE® LiveLearning for Professionals Webinar™ Series: Getting the Edge on Edge Computing
Webinar Archive
PARTNER PERSPECTIVES - content from our sponsors
How 5G Thrives ASEAN Digital Economy
By Huawei
Capitalizing On 5G Innovation To Deliver Breakthroughs At The Edge
By Kerry Doyle, sponsored by ZTE
All Partner Perspectives
GUEST PERSPECTIVES - curated contributions
Telco vs. Cable: Who comes out on top?
By Cheenu Seshadri, Managing Partner, Three Horizon Advisors
Don't worry about the government?
By Patrick Donegan, Principal Analyst, HardenStance
All Guest Perspectives