Internap Holding LLC, along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 28, 2023. As per the plan filed, administrative claims, priority tax claims, professional fee claims, other secured claims of $0 and other priority claims of $0 shall be paid in full in cash. SOTL claims of $127 million with expected recovery of 49.7% shall receive its pro rata share of 100% of the new common stock and opportunity to participate on a pro rata basis in the new exit term loan.

Go-forward vendors claims of upto $1 million with expected recovery of 75%-100% shall receive its pro rata share of the go-forward vendor claim recovery. General unsecured claims of $10-$15 million will receive no distribution under the plan. Intercompany claims will either be reinstated or canceled and released.

Intercompany interests will receive no recovery or distribution and shall be reinstated solely to the extent necessary to maintain the debtors' corporate structure. Existing equity interests will be cancelled, released, and extinguished without any distribution. The reorganized company will fund distributions under the plan with cash from operations, the new term loan exit facility of $30 million, proceeds from all causes of action not settled, released, discharged, enjoined, or exculpated under the plan or otherwise on or prior to the effective date, and the new common stock.

Internap Holding LLC, along with its affiliates, filed a modified disclosure statement in the US Bankruptcy Court on May 3, 2023. As per the disclosure statement filed, SOTL Claims are for $127.8 million.