File photo / Courtesy of Tilson
Darrell Ingram
June 29, 2025
Tilson reports ‘significant progress’ on restructuring
With millions in bank financing and new customer orders, Portland-based Tilson said it has made “significant progress” in restructuring its debt, securing fresh financing and customer orders.
Tilson, a Portland-based developer of fiber and wireless networks led by CEO Darrell Ingram since January 2024, filed for Chapter 11 bankruptcy protection in May after its largest client cancelled its contracts.
The client, Gigapower, is a joint venture between telecommunications giant AT&T Inc. (NYSE: T) and New York-based investment company BlackRock Inc. NYSE: BLK).
Last month, Tilson hired Woodward Park Partners LLC, a Bloomfield, Mich.-based investment bank, to sell the business in a process that two trade publications described as a “fire sale.”
In a statement on Friday, Tilson said the some media reports had mischaracterized the intent and process of the filing, and that it “wants to emphasize its unwavering commitment to ensuring continuity of services and preserving its strong reputation with partners now and for years to come.”
To achieve that goal, the company said it has secured financing from the Bank of America and others to provide “critical liquidity” for operations.
A Tilson spokeswoman told Mainebiz that the financing amount is $37.5 million.
The company also said that it is “fundamentally strong” and has received more than $40 million in new engineering, operations and maintenance and consulting work over the last month alone.
“We are off to a great start and appreciate the continued hard work, commitment and passion of everyone here at Tilson in ensuring we remain the leader in network development and information infrastructure professional service,” Ingram said in Friday's release.
Next on the docket
A creditors’ meeting and hearing at the U.S. Bankruptcy Court in Delaware are scheduled for Tuesday, July 8.
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