Broadstripe, the 20th-largest MSO in the country, has filed for Chapter 11 bankruptcy.
The company has already developed a restructuring plan and secured up to $15 million in debtor-in-possession financing from several lenders.
Broadstripe CEO Gustavo Prilick said that ongoing operations will not be affected, and that the company will continue to upgrade its networks and introduce new and enhanced products.
Broadstripe engaged FTI Consulting as its turnaround manager and named Stephen Dubé, a senior managing director of FTI, as its chief restructuring officer.
Dubé said the $15 million financing should be more than sufficient to finance the company’s operations through the Chapter 11 process.
Based in Chesterfield, Mo., Broadstripe claims 157,000 customers in Maryland, Michigan, Washington and Oregon.
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