💥New Chapter 11 Bankruptcy - Mobileum Inc.💥
Prepackaged reorg will de-leverage balance sheet by ~$530mm.
On July 23, 2024 Mobileum Inc. and 10 affiliates (the “debtors”) filed chapter 11 bankruptcy cases in the Southern District of Texas (Judge Lopez). The debtors provide integrated analytics solutions for telecoms. But you guys knew that already since we literally just covered the company two weeks ago:
In that piece we discussed H.I.G. Technology Partners’s (“H.I.G.”) beef with Audax Management Company, LLC (“Audax”) regarding the majority stake that H.I.G. acquired from Audax in January of ‘22. H.I.G. claims that the price they paid ($915mm) was waaaaaay too high and was inflated by overstated bookings and revenue.