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Pareteum Files For Chapter 11 Protection

Pareteum Corp., a cloud Communications-Platform-as-a-Service company, said that it filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.

The company intends to execute a strategic asset sale.

Prior to the filing of the company's Chapter 11 cases, the company evaluated a wide range of strategic alternatives and implemented a strategic asset sale strategy.

Circles MVNE Pte. Ltd has agreed to acquire the Company's Mobile Virtual Network Enabler business and associated contracts, and Channel Ventures Group has agreed to acquire the Company's Mobile Virtual Network Operator, IDM, iPass, and Small and Medium Business Enterprise businesses and associated contracts.

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