Casa Systems Initiates Court-Supervised Chapter 11 Sale Process for Businesses - Seite 2

Operating as Normal During the Court-Supervised Sale Process

In connection with the sale process, the Company entered a Restructuring Support Agreement (“RSA”) with more than 98% of its senior secured lenders (the “Lenders”) that, among other things, allows Casa to use its cash on hand and proceeds of the anticipated Cloud/RAN Sale to fund its operations and Chapter 11 process.

To support its operations during the court-supervised process, the Company is filing a variety of customary motions seeking, among other things, authorization to meet its obligations to its employees, customers and vendors. The Company expects to receive Bankruptcy Court approval for these requests.

Casa’s international subsidiaries are not debtors in the Chapter 11 filing; however, certain of their businesses and related assets are included in the two asset sale transactions. The international subsidiaries will continue to operate in the ordinary course pending the closing of the sales.

The Company’s NetComm business, which commenced voluntary administration proceedings under Australian law on March 11, 2024, is not included in the U.S. Chapter 11 process.

Additional information regarding the Company’s financial restructuring process is available at www.CasaSaleProcess.com. Court filings and other information regarding the claims process are available on a separate website administrated by the Company’s claims agent, Epiq, at https://dm.epiq11.com/casasystems, by calling Epiq toll-free at [phone] (or ([phone] for calls originating outside of the U.S.), or by sending an email to [e-mail].

Advisors

Casa has engaged Sidley Austin LLP as legal counsel, Ducera Partners LLC as financial advisor, and Alvarez & Marsal North America, LLC as restructuring advisor.

About Casa Systems

Casa Systems, Inc. (Nasdaq: CASA) is a next-gen technology leader that supports mobile, cable, and wireline communications services providers with market leading solutions. Casa’s virtualized and cloud-native software solutions modernize operators’ network architectures, expand the range of services they can offer their consumer and commercial customers, accelerate time to revenue and reduce the TCO of their network infrastructure and operations. Casa’s suite of open, cloud-native network solutions unlocks new ways for service providers to quickly build flexible networks and service offerings that maximize revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional service providers worldwide. For more information, visit http://www.casasystems.com/.