RiverStreet is pursuing a court-supervised sale of substantially all its assets, supported by interim financing and cash collateral authority. The sale motion Dkt. 85 proposes a $92.5 million cash stalking-horse bid plus assumed liabilities; the court has scheduled a November 18, 2026 hearing on final financing approval under the interim DIP order Dkt. 76.

RiverStreet Communications of Virginia, Inc. and its affiliated debtors are pursuing a sale of substantially all their assets while operating under interim financing and cash collateral authority. The debtors’ sale motion Dkt. 85 seeks approval of bidding procedures and a sale to stalking-horse bidder OCM Riverstreet Holdings, an Oaktree-created entity, or a higher or better bidder. The proposed purchase price is $92.5 million in cash plus assumed liabilities; the transaction remains subject to court and regulatory approvals. The motion proposes an auction on December 15, 2026, if needed.

The RiverStreet group filed for Chapter 11 on October 21, 2026. Its first-day declaration Dkt. 14 attributes an estimated $153 million funding gap to rising construction costs, higher interest rates and limited access to capital. Liquidity constraints prompted a construction pause in August 2025, contributing to missed broadband grant milestones and suspended or withheld funding. The declaration says Virginia removed the company from $229.2 million in broadband commitments across twelve counties and directed the grantee of record to seek repayment of previously disbursed grants; the debtors dispute the repayment demands.

The DIP financing motion Dkt. 12 reports approximately $188 million in total funded obligations and accrued unpaid interest and fees at the petition date, including approximately $18 million of accrued interest and fees. The debtors said they needed financing and cash collateral to fund operations and the cases. The court’s interim DIP order Dkt. 76 authorizes financing and cash collateral use under an approved budget, subject to conditions. The facility is described as up to $80 million, including a $20 million delayed-draw commitment. A final financing hearing is scheduled for November 18, 2026.

RiverStreet is pursuing a court-supervised sale of substantially all its assets, supported by interim financing and cash collateral authority. The sale motion Dkt. 85 proposes a $92.5 million cash stalking-horse bid plus assumed liabilities; the court has scheduled a November 18, 2026 hearing on final financing approval under the interim DIP order Dkt. 76.

RiverStreet Communications of Virginia, Inc. and its affiliated debtors are pursuing a sale of substantially all their assets while operating under interim financing and cash collateral authority. The debtors’ sale motion Dkt. 85 seeks approval of bidding procedures and a sale to stalking-horse bidder OCM Riverstreet Holdings, an Oaktree-created entity, or a higher or better bidder. The proposed purchase price is $92.5 million in cash plus assumed liabilities; the transaction remains subject to court and regulatory approvals. The motion proposes an auction on December 15, 2026, if needed.

The RiverStreet group filed for Chapter 11 on October 21, 2026. Its first-day declaration Dkt. 14 attributes an estimated $153 million funding gap to rising construction costs, higher interest rates and limited access to capital. Liquidity constraints prompted a construction pause in August 2025, contributing to missed broadband grant milestones and suspended or withheld funding. The declaration says Virginia removed the company from $229.2 million in broadband commitments across twelve counties and directed the grantee of record to seek repayment of previously disbursed grants; the debtors dispute the repayment demands.

The DIP financing motion Dkt. 12 reports approximately $188 million in total funded obligations and accrued unpaid interest and fees at the petition date, including approximately $18 million of accrued interest and fees. The debtors said they needed financing and cash collateral to fund operations and the cases. The court’s interim DIP order Dkt. 76 authorizes financing and cash collateral use under an approved budget, subject to conditions. The facility is described as up to $80 million, including a $20 million delayed-draw commitment. A final financing hearing is scheduled for November 18, 2026.