Airspan Networks Holdings Inc., a provider of 4G and 5G radio access network (RAN) and Open RAN solutions with over one million radios deployed globally, filed a prepackaged Chapter 11 case in the District of Delaware on March 31, 2024 (Case No. 24-10621) before Judge Thomas M. Horan. The filing followed ongoing operating losses driven by high R&D intensity, limited equity access, COVID-19 supply chain disruptions, and a telecom equipment market downturn after the initial 5G wave. At filing, the company carried approximately $205.1 million in funded debt across senior secured term loans, convertible notes, and subordinated instruments, substantially all held by Fortress Investment Group affiliates. Fortress provided a $53.85 million DIP facility ($16.5 million new money, $37.35 million roll-up) with PIK interest at SOFR + 11%. The prepackaged plan, supported by 97.4% of funded debt creditors, converted all funded debt to equity, with senior secured claims receiving 94.375% and subordinated claims 5.625% of new common equity, plus a new money equity investment of up to $95 million. General unsecured creditors were paid in ordinary course and existing equity holders received a $450,000 cash pool. The plan was confirmed on June 28, 2024, but the effective date was delayed until October 11, 2024 due to a UK Investment Security Unit call-in under the National Security and Investment Act, requiring supplemental DIP funding of $5 million to bridge payroll. Airspan emerged as a private company majority-owned by Fortress with $85.4 million in new equity financing and a debt-free balance sheet. A final decree closing the cases was entered on December 10, 2024.