Cybersecurity company IronNet filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware in October and entered into a binding term sheet with ITC Global Advisors for a $10M debtor-in-possession financing facility.
In addition, on Oct. 12, IronNet filed a variety of “first day” motions seeking customary relief intended to enable the company and its subsidiaries to continue ordinary course operations during the restructuring. On Oct. 13, the court approved the motions and authorized, on an interim basis, the execution of a reinstatement agreement with Amazon Web Services to reinstate and reactivate IronNet’s cloud computing services.
“Against a backdrop of intense restructuring in an uncertain capital raising environment, we remain intent on stabilizing IronNet and serving our customers,” Linda Zecher, CEO of IronNet, said. “With the DIP financing provided by ITC, we believe we are better positioned to act in the interests of our stakeholders through the restructuring.”
