Company co-founder Jason Epstein stepped down from the CEO position and is now executive vice president for business development.
In a statement, eLink said last week that a bankruptcy judge in the Southern District of New York approved its bid to acquire OnSite's assets, encompassing a customer base in 194 wired buildings in the Washington, DC and New York areas, including the Empire State Building.
Spokesman Joe Tedino tells GlobeSt.com that the vast majority of the buildings--189--are in New York and five are in DC. ELink has wired 341 buildings in those two metro areas. Further, OnSite Access is currently operating with approximately $2.5 million in debtor-in-possession financing from eLink. The company did not reveal the total value of its investment but said it expects the acquisition to be completed in 90 days.
In an exclusive report, GlobeSt.com reported May 17 that OnSite Access was filing for Chapter 11 protection. But, while one flame sputters, another flares, and eLink completed a $70-million round of financing during the first quarter. Investors included Mayfield, CIBC and the Edward P. Bass Group.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
