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IronNet Files Voluntary Chapter 11 Petitions, ITC Global Advisors to Provide $10MM DIP Facility

November 06, 2023, 07:45 AM
Filed Under: Bankruptcy

IronNet, Inc. stabilizes operations and continues plan of reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

On October 10, 2023, IronNet entered into a binding term sheet with ITC Global Advisors ("ITC") for a $10 million debtor-in-possession financing facility ("DIP").

On October 12, 2023, 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 October 13, 2013, the Court approved these first day motions, and authorized, on an interim basis, the execution of a reinstatement agreement with Amazon Web Services to reinstate and reactivate its cloud computing services.

Linda Zecher, CEO of IronNet, said, "Against a backdrop of intense restructuring in an uncertain capital raising environment, we remain intent on stabilizing IronNet and serving our customers. With the DIP financing provided by ITC, we believe we are better positioned to act in the interests of our stakeholders through the Restructuring."

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