Xtera’s trip through chapter 11 has ended in a deal and a new owner. The private equity group H.I.G. Capital revealed today that it has acquired substantially all of the assets of the company, which specializes in the gear that makes submarine cables go.
Xtera filed for protection in November 2016. H.I.G. had already been involved in the process, providing ‘debtor-in-possession’ financing to keep things going during the bankruptcy process. H.I.G. sold Fibercore, which was carved out from Cisco in 2011, just two weeks ago to Humanetics Innovative Solutions.
H.I.G. will be keeping the current management and technical team intact as they execute on current contracts and plan for the future. With new funding to back its efforts, Xtera will try again to crack the market for submarine cable technology solutions.
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