A California-based cloud technology developer CalAmp Corp. filed for Chapter 11 bankruptcy on Monday in Delaware bankruptcy court, stating that it entered a restructuring deal with lender Lynrock Lake Master Fund LP, which would swap approximately $229 million of secured notes into equity interests in the reorganized business.
CalAmp Corp. Files for Chapter 11 Bankruptcy
In a petition filed Monday, CalAmp’s Chief Financial Officer, Jikun Kim, said the company held about $355 million in debts along with $281 million in assets as of November 30, 2023. The company added that Lynrock will become the principal equity owner and take the company private.
“The savings from eliminating the interest on the debt and the overhead of being a public company will allow us to invest more significantly in the numerous opportunities we see to support our customers’ needs,” said Chris Adams, President and Chief Executive Officer of CalAmp in a press release on Monday.
The company added that its “U.S. and international operations will continue without disruption and the partners will be paid in the ordinary course of business.”
