Extenet Faces Liquidity Crisis, Potential Wind Down

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Extenet Faces Liquidity Crisis, Potential Wind Down

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Extenet, a company specializing in outdoor and indoor wireless and fiber connectivity solutions, is currently grappling with severe liquidity challenges. The company, which provides infrastructure for 5G networks and has assets like small cells and distributed antenna systems (DAS), is actively seeking a buyer for its outdoor business. CEO Richard Coyle communicated the dire financial situation in a June 15, 2026 letter to banking partners Wilmington Trust and Midland Loan Services, stating that Extenet anticipated insufficient funds to continue operations as early as June 25, 2026.

To mitigate the crisis, Extenet requested a temporary forbearance arrangement from noteholders, including a pause on interest payments during the sale period. This comes after the company sold its metro fiber business to Pilot Fiber earlier in 2026. Extenet had previously issued asset-backed securities (ABS) in 2019 and 2025, with a 2025 issuance aiming to raise $117.5 million. In light of the current financial instability, Fitch Ratings and KBRA have both placed Extenet’s ABS notes on “Rating Watch Negative” or “Watch Downgrade” in June 2026, citing the company’s liquidity issues.

Extenet is partially owned by DigitalBridge, which is in the process of being acquired by SoftBank. Other significant investors have included Stonepeak Infrastructure Partners and John Hancock

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