Starry, a regional internet service provider earlier this week filed for bankruptcy. The service had been seen as the future for many, with internet plans starting at just $30 a month.
Starry pushed that they were the more friendly internet provider in the Boston area with no commitments, no hidden fees, and great customer service.
This bankruptcy filing is for Chapter 11, so Starry plans to stay in business but hopes to restructure its debt with lenders.
“And now, due to continuing macroeconomic headwinds, we’re taking the next step to stabilize and strengthen the company’s balance sheet by voluntarily filing for Chapter 11 Bankruptcy Protection and initiating a restructuring of our business. We’ve entered into what’s known as a “Restructuring Support Agreement” with our lenders that will provide us with the funding needed to continue our operations as normal, through this restructuring process and beyond, and a clear pathway to getting the business out the other side of that process.” Said Starry CEO Chet Kanojia.
Currently, Starry has about $270 million in assets but has $310 million in total debts, according to court documents.