The US Bankruptcy Court approved the revised first amended plan of reorganization of Internap Holding LLC on July 17, 2023. The debtor has filed its revised first amended plan in the Court on July 12, 2023. As per the amended plan, administrative claims, professional fee claims, priority tax claims, other secured claims, other priority claims, shall be paid in full in cash.

SOTL claims of $127.8 million shall be recovered 49.7% i.e., $63.52 million and shall receive its pro rata share of 100% of the new common stock. General unsecured claims between $10 million - $15 million shall not receive any distribution under the plan. Intercompany claims and intercompany interests shall be reinstated and shall not receive any distribution under the plan.

Existing equity interests shall be cancelled and shall not receive any distribution under the plan. The plan shall be funded through cash, new term loan exit facility of $30 million and issue of new equity.