Pareteum Corporation, along with its eight affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York on May 15, 2022. The debtor listed its assets in the amount of $132.15 million and liabilities in the amount of $119.85 million. The debtor is represented by Brian F. Moore and Frank A. Oswald of Togut, Segal & Segal LLP as its legal counsels and King & Spalding LLP as its special counsel.

The debtor also hired FTI Capital Advisors, LLC as its investment banker and FTI Consulting, Inc. as its financial advisor. Kurtzman Carson Consultants LLC acted as notice, claims and balloting agent.