Charge Enterprises, Inc. is a publicly traded electrical, broadband, and EV charging infrastructure company that filed a prepackaged Chapter 11 case on March 7, 2024 in the District of Delaware (Case No. 24-10349) before Judge Thomas M. Horan. The filing followed a liquidity crisis triggered when approximately $9.9 million held by KORR Acquisitions proved inaccessible, leading to defaults on approximately $25.8 million in Arena Investors-affiliated notes that matured in November 2023. Arena served a foreclosure notice in January 2024, and NASDAQ suspended trading of Charge's common stock on February 29, 2024. At filing, the debtor reported approximately $114.3 million in assets and $48.7 million in liabilities. The debtor obtained a $10 million priming DIP term loan from AI Amped I, LLC (Arena-affiliated), with staged draws and pricing at SOFR plus 10%. The prepackaged plan implemented a debt-for-equity recapitalization in which Arena received 100% of the new common stock (less a 5% allocation to Island Capital) in satisfaction of prepetition lender claims, while general unsecured claims were treated as unimpaired and paid in full. Prior equity was canceled with no recovery. The plan was confirmed on April 24, 2024—just 48 days after filing—and became effective on May 3, 2024, when Arena announced completion of the recapitalization and appointed Scott Haeger as interim CEO.
