Starry plans to continue operations after filing for Chapter 11 bankruptcy protection
Starry said it will continue operations in its five markets, but is not planning to expand elsewhere for the time being.
Monday saw the company file voluntary petitions to seek relief under Chapter 11 of U.S. Bankruptcy Code at the U.S. Bankruptcy Court in the District of Delaware. Kanojia previously suggested to investors the possibility of a "full sale or partial sale" of the company. Starry hired PJT Partners, an investment bank, to assist with capital raising and mergers. Starry took a variety of cost-cutting steps in recent months due to a lack of funding. These included stopping further expansion, closing its Columbus market, and laying off more than half its employees. After the New York Stock Exchange warned Starry stock that its closing price had fallen below $1 for more than 30 days, the stock was removed from the New York Stock Exchange's list.