close up of a browser adress barclose up of a browser adress bar
Our Work

Latham & Watkins Advises Starry Group Holdings on Uncontested Plan of Reorganization

May 26, 2023
Multidisciplinary team led by members of the firm’s Restructuring & Special Situations Practice represents the fixed wireless broadband internet service provider in fully consensual confirmation.

Starry Group Holdings, Inc. (Starry or the Company), a fixed wireless broadband internet service provider, received confirmation by the United States Bankruptcy Court for the District of Delaware of the Company’s Plan of Reorganization (the Plan) following an uncontested hearing. Starry plans to emerge from chapter 11 later this year after receiving FCC approval of the transaction contemplated by the Plan and the satisfaction of other administrative conditions precedent to Plan effectiveness.

Starry’s fully consensual Plan was confirmed with the support of 100% of the Company’s prepetition lenders, a significant majority of unsecured creditors, and the creditors’ committee – and in 95 days after the Company’s chapter 11 filing. Under the Plan, Starry will implement a comprehensive financial restructuring that will delever its balance sheet by approximately US$195 million while providing capital through a new exit facility that will allow the Company to complete an operational pivot toward, and enable further investment in, existing core markets. Upon emergence from chapter 11, the successful stand-alone reorganization will mark one of the first of its kind for a deSPAC public company.

Latham & Watkins LLP represents Starry as restructuring counsel with a cross-practice team led by Los Angeles partners Jeff Bjork and Ted Dillman and Chicago partner Jason Gott, with Washington, D.C. counsel Chris Craige and Los Angeles counsel Jeffrey Mispagel and associates Nicholas Messana, Markus von der Marwitz, Ben Roth, and Kevin Shang. The bankruptcy litigation team was led by Los Angeles partner Amy Quartarolo, with associates Nathan Saper, Keith Williams, and Hanna Kostamaa. Advice was also provided on corporate matters by New York partner Justin Hamill and Bay Area partner Chad Rolston, with New York counsel Ben Kaplan and associate Anika Amin; on finance matters by New York partners Stephanie Teicher and Ipek Seniz Yakut, with associate Qinhan (Eric) Luo; on tax matters by Chicago partner Joseph Kronsnoble, with associate Derek Gumm; and on regulatory matters by Washington, D.C. partner Elizabeth Park.