Telecom Software Co. Hits Ch. 11 With $80M Debt, Sale Plans

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By Rick Archer (May 16, 2022, 7:20 p.m. EDT) – Communications software maker Pareteum Corp. filed for Chapter 11 in New York bankruptcy court, saying it was seeking a quick sale to deal with a $79.8million debt after its search for profitability was partly derailed by the discovery inflated income reports.

In documents filed on Sunday, New York-based Pareteum said it had a $60 million credit offer on hand for an asset sale to a pair of secured lenders it hopes to close by. mid-July.

“In taking today’s decisive and positive step, we are confident that under new ownership, the business can be the best…

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