Casa Systems, Inc. (Nasdaq: CASA), a global communications technology company offering cable access equipment, cloud-native 5G core software, and radio access network products to 475+ service providers across 70+ countries, filed chapter 11 on April 3, 2024 in the District of Delaware (Case No. 24-10695) before Judge Karen B. Owens. The filing followed a sharp decline in revenue driven by industry-wide capex pullbacks in cable and telecom markets, elevated R&D costs for 5G product development, and approximately $183 million in funded debt supported by an RSA with over 98% of senior secured lenders. The debtors operated under cash collateral authority with a 10-week budget and weekly variance reporting. Two going-concern 363 sales were completed: Lumine Group acquired the Axyom cloud-native 5G core and RAN assets for $32.25 million (private sale closed April 30, 2024), and CommScope won the cable business auction at $45.1 million (closed June 7, 2024) after outbidding stalking horse Vecima Networks. The Third Amended Joint Plan of Liquidation was confirmed on June 5, 2024 in a fully consensual, uncontested process — approximately 65 days from filing. Plan administrator Gary Broadbent manages the post-effective wind-down, with a $2 million wind-down cap and a $3 million maximum GUC recovery pool (capped at 25% per claim). Term loan facility claims receive pro rata recovery from sale proceeds, while equity interests are cancelled with no distribution.
