Internet service provider Starry filed for bankruptcy

Starry, a Boston-based wireless internet service provider, filed for Chapter 11 bankruptcy Tuesday.

Why it matters: The filing comes less than a year after the telecom business went public via a SPAC merger. Even though SPAC interest had fizzled, CEO Chaitanya "Chet" Kanojia said Starry made sense on the public market given its capital needs.

Details: The New York Stock Exchange had suspended Starry's trading on Dec. 14.

• In a blog post Tuesday, Kanojia attributed the bankruptcy filing to the company's inability to raise more capital over the past year and the current market conditions.
• The company announced a "pre-packaged" restructuring plan. Its lenders have offered $43 million in debt financing to continue operations.
• Starry already had been cutting costs. It laid off half of its workforce in October and cut another 100 workers in January. It also announced a discontinuation of its service in Columbus as it focuses on five markets: Boston, Denver, Los Angeles, New York City and Washington, D.C.