Case filing & court posture: Boundless Broadband, LLC and 19 affiliated debtors filed chapter 11 on May 29, 2025 in the District of Delaware (Case No. 25-10948). Dkt. 1 Judge Brendan Linehan Shannon presides. The debtors were a national telecommunications and IT consulting firm providing design-build, consulting, and maintenance services for fiber and wireless networks, with 3,700 employees and $700 million in revenue at peak.
Liquidity crisis & DIP financing: The filing followed a catastrophic liquidity crisis when Gigapower LLC (AT&T joint venture) withheld payments, imposed a 35% offset, and terminated a $600 million construction backlog in April 2025 after the debtors invested approximately $109 million into Gigapower projects. Prepetition lenders provided up to $150 million in DIP financing ($37.5 million new money at SOFR + 10%, with roll-up up to 3x new money). Dkt. 15, Dkt. 228
Asset sales & restructuring outcome: The debtors pursued a sale process rather than plan reorganization. ITG Communications purchased substantially all assets, with the sale order approved September 16, 2025. Dkt. 467 Selectronics purchased Vermont ISP operations for $4.2 million, and Winston I LLC purchased litigation claims against Gigapower exceeding $115 million. Sale proceeds were insufficient to satisfy secured obligations (~5.5% term loan recovery).
Post-sale wind-down: The debtors are in post-sale wind-down, having completed the ITG sale closing in October 2025. A motion to dismiss was filed January 29, 2026, with a hearing scheduled for February 25, 2026. Dkt. 759 The motion seeks dismissal because plan confirmation is not feasible and liquidating remnant assets in chapter 11 would be too costly.