Milbank LLP represented Edgio, Inc. (now Uplynk, Inc.) and certain of its affiliates (collectively, “Edgio”) in their chapter 11 restructuring, which concluded on June 30, 2025 with the successful consummation of Edgio’s chapter 11 plan of reorganization. At the outset of its restructuring, Edgio was a leading global software solutions provider supporting the delivery of video and other content through the internet. Milbank assisted Edgio in maximizing value by selling certain portions of its business and other assets before emerging with a tight focus on its industry-leading video streaming services.
Edgio commenced chapter 11 cases on September 9, 2024 in the U.S. Bankruptcy Court for the District of Delaware amid significant liquidity challenges. Prior to the chapter 11 filing, Milbank negotiated Edgio’s $15.6 million debtor-in-possession financing with Edgio’s secured lender, Lynrock Lake Master Fund LP (“Lynrock”), which provided sufficient funding to maintain orderly operations while Edgio pursued and consummated sales of its major assets.
As part of the sale process, Milbank, in conjunction with Edgio’s other advisors (including TD Securities (USA) LLC d/b/a TD Cowen as investment banker and Riveron RTS, LLC as financial advisor), pursued several value-maximizing sales of Edgio’s business components. Edgio held a successful auction for each of its major business segments on November 13, 2025 and subsequently sold most of its remaining assets through private sales. In particular, Edgio sold the customer relationships from its “Content Delivery” and “Apps” businesses to Akamai Technologies, Inc. for $125 million, while Lynrock won the “Uplynk/Media” business with a $51 million credit bid.
In parallel with these sales, Milbank led efforts to reach a global settlement among Edgio, Lynrock, and the official committee of unsecured creditors appointed in the chapter 11 cases. That global settlement paved the way for the consensual confirmation of a chapter 11 plan on June 13, 2025. Through the plan, Edgio restructured $244.5 million in prepetition funded debt, Lynrock acquired Edgio’s Uplynk business, and a litigation trust was established and empowered to pursue certain potential causes of action for the benefit of Lynrock and Edgio’s general unsecured creditors.
The Milbank team included Financial Restructuring partners Dennis F. Dunne, Tyson M. Lomazow, and Lauren C. Doyle, special counsel Benjamin M. Schak, and associates Tuvia C. Peretz, James A. McIntyre, Jordan L. Rosen, Nicholas LaGinestra, and Brandon M. Delijani; Corporate Finance and Securities partner Rod Miller; Global Corporate partner Jason T. Anderson, and associates Jesus D. Diego and Cleopatra S. Gray; Alternative Investments partner Maya M. Grant and associates Nathaniel L. Bachelis and Joseph Ledereich; Tax partner Russell J. Kestenbaum and associate Michael Rivkin; Executive Compensation partners Manan (Mike) D. Shah and Kelly P. Bartley; and Litigation & Arbitration partners Andrew M. Leblanc, Samir L. Vora and Erin E. Dexter, special counsel Brett P. Lowe, and associates Riah Kim and Julia Bok. Additionally, Richards, Layton & Finger, P.A. acted as co-counsel to Edgio throughout the chapter 11 cases.
