Airspan Networks has filed for Chapter 11 protection this week.

In a filing at a Delaware bankruptcy court, the company, which specializes in developing 5G hardware and software, said it plans to trade its more than $205 million in funded debt for equity and raise up to $95 million in new equity financing.

Airspan said it expects to obtain court approval for the transaction in the next 30 to 45 days, noting the decision to file for Chapter 11, has received "support from 97.4 percent of the company’s funded debt creditors."

Under the deal, Airspan has received $53 million in debtor-in-possession (DIP) from Fortress affiliates, which combined with its cash on hand, is expected to "provide sufficient capital during the restructuring process to support Airspan’s operations." The DIP financing is subject to Court approval and the satisfaction of specified closing conditions.

It said that it expects to operate without disruption, and will safeguard its commitment to employees, customers, and suppliers.

“This support agreement is the culmination of a strategic review process, and we believe it is the best path forward for Airspan to continue providing exceptional services and products to our customers worldwide,” said Glenn Laxdal, president and chief executive officer at Airspan.

“By strengthening the company financially with new capital and a debt-free balance sheet, we will be better positioned to execute our plan to capitalize on the significant growth opportunities across our public and private network markets. We appreciate the support and engagement of all of our stakeholders as we build Airspan for the future.”

Florida-based Airspan was originally a product division of DSC Communications but broke away in the late 1990s.

However, since going public in 2021 the company has struggled, cutting its workforce from 800 to around 370.

The company was listed on the NYSE in 2021 after a SPAC merger with New Beginnings Acquisition Corp. Today, the company provides Open RAN solutions including 4G and 5G indoor and outdoor products as well as point-to-point fixed wireless offerings.

Airspan has pushed hard on opportunities around Open RAN and private networks, but the market has not developed as quickly as anticipated and is awash with competition from the likes of Ericsson, Nokia, and Samsung.

Last year, the company sold its telecoms equipment maker Mimosa Networks to Radisys Corp, a unit of Jio Platforms, for $60 million.