Mobileum Announces Successful Emergence from Financial Restructuring Process Well-Positioned for Long-Term Growth and Industry Leadership

CUPERTINO, Calif.--(BUSINESS WIRE)--Sep 12, 2024--

Mobileum Inc. (“Mobileum” or the “Company”), a leading global provider of analytics and networks solutions, today announced that it has successfully emerged from chapter 11 following confirmation of the Company’s Plan of Reorganization on September 11, 2024. With its financial restructuring complete, Mobileum moves into the future with a significantly strengthened capital structure, better positioned to continue delivering innovative and industry-leading telecommunications products and services.

“The completion of our financial restructuring process marks the start of a new era for Mobileum with the resources to invest in the things that matter most: product quality and customer experience, innovation, and our dedicated team,” said Mike Salfity, President and CEO of Mobileum. “We are grateful for the collaboration and support of our many stakeholders throughout this process and look forward to partnering with our new ownership group to continue operating at the forefront of the telecommunications industry.”

Through its financial restructuring, Mobileum eliminated approximately $530 million of prepetition debt, secured access to $60 million of new financing to fund its chapter 11 process, and received approval of an additional $100 million of financing through a roll-up of first lien prepetition debt. With a strong financial foundation, Mobileum is well positioned to continue to drive value for its global customer base by helping them reduce costs, increase revenue, and mitigate risk.

Mobileum moves forward under the ownership of a group of its existing financial partners, including leading global investment firms, who have been dedicated partners to the Company through the financial restructuring process. Following Mobileum’s emergence from chapter 11, the current management team, led by Mike Salfity, will continue to lead the Company.

Advisors

Weil, Gotshal & Manges LLP is serving as legal counsel, Evercore is serving as investment banker, FTI Consulting is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to Mobileum.

About Mobileum

Mobileum is a leading provider of Telecom analytics solutions for roaming, core network, security, risk management, domestic and international connectivity testing, and customer intelligence. Mobileum serves a global flagship customer base, who rely on its solutions to connect deep network and operational intelligence with real-time actions that increase revenue, improve customer experience, and reduce costs. Headquartered in Silicon Valley, Mobileum has global offices in countries including Germany, Greece, India, Japan, Portugal, Singapore, and United Arab Emirates.

Learn more at https://www.mobileum.com/.

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CONTACT: Media

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Mobileum@thecstreet.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: NETWORKS SECURITY TECHNOLOGY TELECOMMUNICATIONS SOFTWARE

SOURCE: Mobileum Inc.

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