File photo / Courtesy of Tilson
Darrell Ingram
3 hours ago
Tilson gets green light to access $37.5M in financing during restructuring
As Tilson restructures its debt via a Chapter 11 bankruptcy case, the Portland-based IT firm has won court approval to access up into $37.5 million in financing to keep operations going throughout the process.
The green light comes from the U.S. Bankruptcy Court for the District of Delaware.
“This is a key step in advancing Tilson's restructuring efforts,” Tilson said in a statement issued after Tuesday’s creditors’ meeting. “The swift approval is a product of constructive negotiation with stakeholders, and the financing ultimately enjoyed the support of the official committee of unsecured creditors.”
Tilson, a developer of fiber and wireless networks and led by CEO Darrell Ingram since 2024, filed for Chapter 11 bankruptcy protection in May after its largest client cancelled its contracts. The company employs 600 people nationwide, including 67 in Maine.
Despite the setbacks caused by one customer, Tilson said that it continues to grow and serve existing and new partners.
Last month, the company reported "significant progress" on its restructuring.
Tuesday's court approval opens the door to $37.5 million in incremental financing from a syndicate of lenders led by Bank of America Corp. (NYSE: BAC).
Tilson said it will use the money to meet customer obligations and pay employees, vendors and others throughout the Chapter 11 process as it pursues a sale of the business to an outside investor.
The company has hired Woodward Park Partners LLC, a Bloomfield, Mich.-based investment bank, to lead the process.
"Thanks to the passion and commitment of our entire team, we are positioned to emerge from this process a stronger company, with partners who firmly believe in our value as a national leader in network development and information infrastructure professional services,” Ingram said in Tuesday's news release.
A hearing in Delaware on the planned sale is scheduled for Thursday, July 24.
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