Telecoms software provider Mobileum emerged from Chapter 11 bankruptcy protection in the US, which included the elimination of $530 million in debt.

It secured access to $60 million in new financing to fund its Chapter 11 process and approval for an additional $100 million of financing through a roll-up of first lien prepetition debt.

The company’s reorganisation plan was approved by a US bankruptcy court on 11 September following the Chapter 11 move on 23 July.

Following its emergence from Chapter 11, the current management team, including president and CEO Mike Salfity (pictured), leads the company.

Salfity told Mobile World Live Mobileum is not disclosing which companies are in the new ownership group, but noted it is comprised of three of the top lenders that held most of its debt.

The company became embroiled in a legal spat between majority shareholder HIG Capital and former owner Audax Private Equity, over allegations the company’s purchase price was artificially inflated.

Salfity said HIG Capital is no longer an owner.

He stated Mobileum met all its obligations and financial commitments to both vendors and employees during the Chapter 11 period.

“We have closed some big deals and partnerships along the way,” he said. “We are continuing to march with no operational impact.”

It closed a deal last month with India-based Grameenphone and is in the process of finishing up another with a Tier 1 US operator for 5G SA virtual probes that will be used to enhance its analytics and insights capabilities, according to Salfity. That deal could close by Q4.

“We’re also partnering with a leading operator in the Middle East to equip them with advanced IoT detection capabilities,” he stated. “We continue to see customer momentum.”