C1 Takes Steps to Strengthen Financial Position
C1 remains as focused as ever on bringing together the best of services, products and channels to deliver value every day. To support these ongoing efforts and ensure the Company has a strong financial foundation for the future, we are taking proactive steps to strengthen our overall liquidity profile and, in turn, invest for near-term growth and capture market opportunity.
Our goal in entering into this agreement is to emerge stronger and poised to continue elevating connected human experiences.
On April 4, 2024, C1 entered into an agreement with a majority of our lenders and certain other stakeholders to support ongoing efforts to invest in the transformation and growth of the business that provides for the reduction of approximately 80% of debt from our balance sheet and significantly increase the Company’s available liquidity. In order to implement the agreement on an expedited basis, C1 has filed a prepackaged Chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of Texas.
During this process, C1 is operating normally and intends to continue doing so without interruption
