Mobileum, Inc. and affiliated debtors filed Chapter 11 on July 23, 2024 in the Southern District of Texas (Case No. 24-90414 (CML)) before Judge Christopher M. Lopez. The first day declaration describes Mobileum as a global provider of analytics solutions for telecommunications operators with 1,000+ customers in 150+ countries and about 1,800 employees and contractors across about 60 countries. The debtors attributed the filing to historical accounting irregularities, operational challenges, reputational impacts, delayed cost controls, management turnover, and a slowdown in customer spend, leading to liquidity pressure. The declaration reports about $690.5 million of secured claims, including about $414.8 million first lien term loan claims, $57.1 million first lien revolver claims, $34.7 million first lien notes claims, and $183.9 million second lien claims, and states a goal to reduce total debt from roughly $628 million to about $160 million at emergence. The DIP financing and cash-collateral facility provided $60 million of new money and a $100 million roll-up, priced at Term SOFR + 6.00% (or Base Rate + 5.00%) with a +2.00% default rate. The court entered an interim DIP order on July 24, 2024 and a final DIP order on August 15, 2024. A first amended plan was filed September 9, 2024; the plan was confirmed September 11, 2024 and became effective September 12, 2024. Under the disclosure statement, first lien claims receive 96.5% of new equity (projected recovery about 43%), second lien claims receive 3.5% (projected recovery about 3%), general unsecured claims are unimpaired, and existing parent equity is cancelled.
