Data Firm Inap Eyes Handing Lenders Control in Second Bankruptcy
- Deal would swap term-loan debt for stock in restructured firm
- Company first sought Chapter 11 bankruptcy in early 2020
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Internap Holding, a data firm doing business as Inap, is preparing to file for bankruptcy a second time and give lenders control of the company.
The company has reached an agreement with lenders to repay $35 million of an existing term loan, swap the rest of the debt for stock and borrow a fresh $30 million to fund the business going forward, according to people familiar with the matter.