BAWT Enterprises LLC, the parent company of climate data analytics firm Athenium, filed for Chapter 11 bankruptcy in Delaware on Friday, proposing a prepackaged plan to transfer ownership of the company to its creditors. The New Hampshire-based company, which specializes in software and real-time weather data services, seeks to restructure its debts and reorganize its business.

PBAWT Filed For Chapter 11 : proposed Reorganization Plan

BAWT's Chapter 11 filing lists between $10 million and $50 million in both debt and assets. Under the prepackaged bankruptcy plan, 65% of the company’s equity would be handed over to its secured lender, venture capital firm Hale Capital Partners LP. Another 14% of the reorganized company’s equity would go to a group of unsecured noteholders.

Hale Capital Partners, which is also providing an exit loan, will play a key role in the company's post-bankruptcy recovery. The exit financing is expected to facilitate BAWT’s reemergence from bankruptcy.

Athenium’s Business

Founded in 2012, Athenium offers climate data analytics and live location-based weather information, servicing clients like the U.S. government and insurance companies. Athenium’s technology provides crucial meteorological data, helping businesses and governments make informed decisions based on climate risk analysis.

Legal Representation

BAWT Enterprises is represented by Mette Kurth of CM Law PLLC in the bankruptcy proceedings. The case marks another example of a tech-driven company restructuring its finances to address debts and position itself for future growth.