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Goodman Networks RSA Amendment

FRISCO, Texas, Feb. 28, 2017 /PRNewswire/ -- Goodman Networks Incorporated and certain of its subsidiaries ("Goodman") and the parties to the Company's previously announced Restructuring Support and Forbearance Agreement (the "RSA") entered into an amendment to that RSA, which, among other things, amends the outside date by which the Company must commence chapter 11 cases to March 13, 2017.  The Company expects to commence the solicitation of votes to accept or reject the Company's prepackaged Chapter 11 plan of reorganization in the near term in advance of filing for chapter 11 protection.  The terms of the RSA provide for the previously announced recoveries to the Company's creditors and interest holders pursuant to the Company's plan of reorganization, including honoring the Company's obligations to its customers, employees, vendors, and other unsecured creditors in the ordinary course of business with no disruptions.  The Company will continue to operate its business as usual in all respects and the chapter 11 filing is not expected to have an impact on the Company's operations.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Statements that are not historical or current facts are forward‑looking statements.  Such forward-looking statements include statements using words such as "anticipate," "expect," "believe," "continue," "will," "may," "estimate," "assume," "presume," "pursue," "outlook," "plan," "goal," "milestone" and similar expressions.  Such statements are subject to a number of risks, uncertainties and assumptions that may cause actual results, developments, or achievements to differ materially from those projected or implied in these statements including, but not limited to, the Company's ability to obtain Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court; the ability of the Company to negotiate, develop, confirm, and consummate a plan of reorganization; risks associated with third party motions in the chapter 11 case, which may interfere with the Company's ability to confirm and consummate a plan of reorganization; potential restructuring of the Company's outstanding debt and related effects on the holders of its common stock; potential limitations on the Company's ability to maintain contracts and other critical business relationships; risks associated with general economic and business conditions; requirements for adequate liquidity to fund its operations in the future, including obtaining sufficient financing on acceptable terms; the Company's ability to maintain its certification as a minority business enterprise; other matters related to the potential restructuring and its indebtedness; and the risk factors and known trends and uncertainties described in the Company's most recent periodic reports and other documents filed with the Securities and Exchange Commission.

Accordingly, readers should not place undue reliance on forward-looking statements.  The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Not an Offer of Securities or Solicitation of a Chapter 11 Plan

This press release does not constitute an offer of securities or a solicitation of the acceptance or rejection of a chapter 11 plan for the purposes of sections 1125 and 1126 of the Bankruptcy Code.  Any such offer or solicitation will comply with all applicable securities laws and/or provisions of the Bankruptcy Code.

About Goodman Networks Incorporated

Goodman Networks is a leading provider of field services to the satellite television industry and network infrastructure and professional services to the wireless telecommunications industry.  Additional information can be found at www.goodmannetworks.com.

 

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