|Bid||0.0000 x 3100|
|Ask||0.0000 x 2900|
|Day's Range||0.0850 - 0.1000|
|52 Week Range||0.0123 - 2.9000|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 07, 2020 - May 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.10|
RESTON, Va., June 02, 2020 -- Internap Holding LLC (“INAP”), a leading-edge provider of high-performance colocation, cloud and network services, today announced that it.
Moody's Investors Service (Moody's) downgraded Internap Corporation's (Internap) probability of default rating (PDR) to D-PD from B3-PD following the announcement that the company filed a petition for relief under Chapter 11 of the US Bankruptcy Code on March 16, 2020. Internap's corporate family rating (CFR) was downgraded to Ca from B3, its senior secured credit facilities, which include the company's $435 million term loan and $35 million revolver, were downgraded to Ca from B3. Subsequent to today's actions, Moody's will withdraw the ratings due to Internap's bankruptcy filing.
Internap Corporation ("INAP" or "the Company") (NASDAQ: INAP) today announced definitive steps through which it expects to significantly reduce debt and extend maturities, equipping INAP to generate the cash flows needed to grow the business and reinvest in its products and customers. To support this strengthening of its capital structure, INAP entered into a Restructuring Support Agreement (the "RSA") with an ad hoc lender group (the "Ad Hoc Lender Group") holding approximately 77% of its outstanding term loans. With support of the Ad Hoc Lender Group, INAP and each of its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.