Frequently Asked Questions
General Questions
What did RiverStreet announce?
- We have entered into an agreement to be acquired by funds managed by Oaktree Capital Management, L.P., a leading global investment manager with deep expertise in telecommunications, broadband, and digital infrastructure, among other industries.
- Having new ownership is expected to significantly strengthen the business’s financial foundation and provide additional resources to support its long-term success.
- To facilitate an efficient sale process and the orderly transition of certain unfinished expansion projects we intend to exit, we have initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia.
- We continue to provide reliable telecommunications and broadband services to all our customers without interruption, and existing customers should not expect changes to their services or support as the Company moves through the court-supervised process.
- We look forward to completing this process and entering a new phase as a stronger rural broadband provider with new owners, substantially less debt, and greater financial flexibility.
Who is Oaktree Capital Management, L.P.?
- Oaktree is a leading global investment manager with deep expertise in telecommunications, broadband, and digital infrastructure, among other industries.
- Oaktree has a long track record of partnering with companies to strengthen their financial foundations, support operational improvements, and position their businesses for sustainable, long-term growth.
- We believe Oaktree’s interest in RiverStreet is a testament to the value they see in our business, our talented team, our purpose-driven mission, and the strong relationships we have with our customers and communities.
What is Chapter 11?
- Chapter 11 is a section of the U.S. Bankruptcy Code that allows companies to implement agreements and restructure their finances while they continue operating their businesses in the normal course.
- In our case, the Chapter 11 process will facilitate an efficient sale process and the orderly transition of certain unfinished expansion projects we intend to exit while we continue serving our customers and communities without interruption.
- Many well-known American companies – including American Airlines, Hertz, General Motors, and J.Crew – have successfully used this process to strengthen their businesses. In our industry, companies include Charter Communications, Frontier Communications, and Windstream Holdings.
Why is RiverStreet implementing the sale through a Chapter 11 process? Why is the Company taking these actions now?
- The RiverStreet Board of Directors carefully considered a range of options to better position the Company for long-term success.
- The Board determined that the proposed transaction with Oaktree, implemented through the court-supervised process, is the best path for RiverStreet and our key stakeholders.
- These actions are expected to significantly strengthen the business’s financial foundation and provide it with additional resources to support its long-term success.
- We look forward to completing this process and entering a new phase as a stronger rural broadband provider with new owners, substantially less debt, and greater financial flexibility.
Will this process affect RiverStreet’s day-to-day operations?
- No. One of the central features of Chapter 11 is to ensure that companies like RiverStreet maintain business as usual. That is exactly what the Company will be doing.
- Serving our customers and communities remains our top priority.
- We continue to provide reliable telecommunications and broadband services to all our customers without interruption, and existing customers should not expect changes to their services or support as the Company moves through the court-supervised process.
- We also are maintaining our current networks and intend to finish new builds that are nearing completion.
- With respect to expansion projects that we intend to exit, we expect the Chapter 11 process to facilitate orderly transitions to other qualified broadband providers.
Does RiverStreet have sufficient liquidity to continue operating during the court-supervised sale process?
- Yes. In connection with the court-supervised process, we have received a commitment for approximately $20 million in new financing from our existing lender, CoBank, ACB.
- Following court approval, this new financing, together with cash generated from ongoing operations, will support the Company’s operations throughout this process.
Is RiverStreet going out of business?
- No. We continue to provide reliable telecommunications and broadband services to all our customers without interruption.
- Existing customers should not expect changes to their services or support as the Company moves through the court-supervised process.
- We also are maintaining our current networks and intend to finish new builds that are nearing completion.
- Serving our customers and communities remains our top priority, and we look forward to completing this process and entering a new phase as a stronger rural broadband provider with new owners, substantially less debt, and greater financial flexibility.
When does RiverStreet expect to complete the sale process?
- While a definitive timetable has not been set, we intend to move through this process as quickly and efficiently as possible.
- We look forward to completing this process and entering a new phase as a stronger rural broadband provider with new owners, substantially less debt, and greater financial flexibility.
Existing Customers
What does this mean for me?
- Serving our customers and communities remains our top priority.
- We continue to provide reliable telecommunications and broadband services to all our customers without interruption, and existing customers should not expect changes to their services or support as the Company moves through the court-supervised process.
- We also are maintaining our current networks and intend to finish new builds that are nearing completion.
- Your services, customer support contacts and relationship with RiverStreet remain the same.
- Thank you for your continued partnership and support. We deeply value our relationship with you and look forward to continuing to support your telecommunications and broadband needs.
Will there be any changes to the terms of my contract / agreement? Will there be any changes in pricing as a result of this announcement?
- No. We continue to provide reliable telecommunications and broadband services to all our customers without interruption, and existing customers should not expect changes to their services or support as the Company moves through the court-supervised process.
- Our existing contracts and agreements with you remain in place, and there are no changes to our pricing at this time.
Will there be any changes to my billing schedule or payment process?
- No. You will continue to receive your billing statements on their usual schedule, and payment procedures remain the same.
I have an upcoming installation / service appointment. Will that still occur?
- Yes. If you need to make any changes to your upcoming appointment, please use the same contact information you used to book the appointment.
Why should I continue doing business with RiverStreet?
- Serving our customers and communities remains our top priority.
- We continue to provide reliable telecommunications and broadband services to all our customers without interruption, and existing customers should not expect changes to their services or support as the Company moves through the court-supervised process.
- Since our initial founding in 1951, RiverStreet’s purpose has been to provide unserved and underserved rural communities with the reliable telecommunications and broadband services they depend on to learn, work, access healthcare, and fully participate in the global economy.
- Our mission is not changing, and the actions we are taking are designed to strengthen the business’s financial foundation while protecting the ability to serve you for the next 75 years and beyond.
- Thank you for your continued partnership and support. We deeply value our relationship with you and look forward to continuing to support your telecommunications and broadband needs.
Where can I obtain additional information?
- For additional information about the court-supervised sale process, please visit our dedicated website at RiverStreetForward.com.
- For customer support, please visit https://myriverstreet.net/customer-service/ or call us at (844) 238-0131.
Pre-Order Customers
Does RiverStreet still intend to serve my region?
- An overview of the expansion projects we intend to retain and those we intend to transition is available here.
Is there anything I need to do if RiverStreet still plans to expand into my region?
- No. You should continue to expect that your service will begin once the build-out is complete.
- Thank you for choosing RiverStreet to meet your connectivity needs, and we look forward to serving you.
What are my options if RiverStreet no longer intends to expand into my region?
- Our goal is to transition the project in your region to another qualified broadband provider.
- If your project transitions to another provider, we intend to work constructively with the other provider and federal, state, and local authorities to facilitate an orderly transition, minimize delays for local communities, and preserve as much progress as possible from work that has already been completed.
- We will have more information about the potential provider and timing as we move through the court-supervised process.
- We sincerely apologize for any inconvenience this may cause you.
Where can I obtain additional information?
- For additional information about this process, please visit our dedicated website at RiverStreetForward.com.
- For customer support, please visit https://myriverstreet.net/customer-service/ or call us at (844) 238-0131.
Vendors & Suppliers
What does this mean for RiverStreet’s vendors and suppliers?
- As we move through this process, we continue to provide reliable telecommunications and broadband services to all our customers without interruption and maintain our existing networks.
- We also intend to finish new builds that are nearing completion.
- We are relying on you to continue providing the products and services we need to support our customers and communities throughout this process.
- We appreciate your ongoing partnership and support.
Will I be paid for goods and services provided on or after the filing date?
- Yes. Provisions of the U.S. Bankruptcy Code ensure that vendors and suppliers are paid in full under normal trade terms for all goods and services provided on or after the filing date.
- In connection with the court-supervised process, we have received a commitment for approximately $20 million in new financing from our existing lender, CoBank, ACB.
- Upon court approval, this new financing, together with cash generated from ongoing operations, will support the Company’s operations throughout this process.
Will I be paid for goods or services provided before the filing date?
- We are restricted in what we can pay at this time because of the Chapter 11 process. U.S. bankruptcy law mandates that unpaid debts for services rendered before the filing date cannot be paid without specific court approval.
- If you provided goods or services before the filing date and have not been paid, you can file a Proof of Claim with the Bankruptcy Court.
- Information regarding how to file a Proof of Claim is available on a website hosted by RiverStreet’s claims agent, Epiq, at https://dm.epiq11.com/riverstreet; by calling Epiq representatives toll-free at (877) 217-7428, or at (971) 265-0089 for calls originating outside of the U.S. or Canada; or by emailing Epiq representatives at RiverStreetInfo@epiqglobal.com.
- We sincerely apologize for any inconvenience this may cause, and we appreciate your ongoing partnership and support.
If my work started pre-petition (before the filing date) and carried over into post-petition (on or after the filing date), should I send two invoices?
- Yes. Please send two separate invoices – one for the pre-petition period and one for the post-petition period. Submitting separate invoices for pre- and post-petition obligations will assist in expediting the review and payment process.
- Alternatively, if only one invoice is submitted, please clearly identify the date(s) that goods or services were received by RiverStreet.
- Goods and services provided will be categorized as either pre- or post-petition according to the date the goods and services were rendered.
Can I renegotiate the terms of my contract or terminate my contract with RiverStreet?
- Under U.S. bankruptcy law, vendors and suppliers are required to continue performing under the terms of their contracts.
- We intend to pay you in full under normal trade terms for all goods and services provided on or after the filing date.
- We are committed to working with you during this process, and we are relying on you to continue providing the products and services we need to support our customers and communities during this process.
- Your continued cooperation will support our mutual success.
Why should I continue doing business with RiverStreet?
- Since our initial founding in 1951, RiverStreet’s purpose has been to provide unserved and underserved rural communities with the reliable telecommunications and broadband services they depend on to learn, work, access healthcare, and fully participate in the global economy.
- That mission is not changing, and the actions we are taking are designed to strengthen the business’s financial foundation and better position it for long-term success.
- We intend to pay you in full under normal trade terms for all goods and services provided on or after the filing date.
- Your continued cooperation will support our mutual success.
How do I file a Proof of Claim?
- Information about how to file a Proof of Claim is available on a website hosted by RiverStreet’s claims agent, Epiq, at https://dm.epiq11.com/riverstreet; by calling Epiq representatives toll-free at (877) 217-7428, or at (971) 265-0089 for calls originating outside of the U.S. or Canada; or by emailing Epiq representatives at RiverStreetInfo@epiqglobal.com.
Where can I obtain additional information?
- Additional information is available on a dedicated website at RiverStreetForward.com.
- Court filings and other information related to the proceedings are available on a website hosted by RiverStreet’s claims agent, Epiq, at https://dm.epiq11.com/riverstreet; by calling Epiq representatives toll-free at (877) 217-7428, or at (971) 265-0089 for calls originating outside of the U.S. or Canada; or by emailing Epiq representatives at RiverStreetInfo@epiqglobal.com.
Co-Op Members
Will RiverStreet’s co-op ownership structure change following a sale of the business?
- Under the terms of our agreement with Oaktree, Oaktree is expected to become RiverStreet’s new owner. At that time, the Company will no longer be structured as a member-owned cooperative.
- We understand how meaningful our cooperative heritage is – being locally owned by the members we serve has been part of who we are for more than 75 years.
- We also recognize that this represents a significant change for our co-op members. Please know that the Board carefully considered this in evaluating available options for RiverStreet.
- Ultimately, the Board determined that this transaction represents the best path to strengthen the business’s financial foundation while protecting what matters most: the ability to provide unserved and underserved rural communities with the reliable telecommunications and broadband services they depend on to learn, work, access healthcare, and participate fully in the global economy.
- Importantly, that mission will not change, and Oaktree’s ownership is expected to provide the financial strength and flexibility to continue serving customers and communities long into the future.
Will co-op members be entitled to vote on the sale before a sale is completed?
- Likely no. The court will determine the appropriateness of all aspects of the sale and is guided by legal principles of maximizing value for all stakeholders in determining whether and under what conditions to approve the sale.
- That removes your obligation to analyze complex financial and legal documents and alleviates the need for you to hire your own legal counsel to assist you in making a fully informed vote.
Will co-op members receive compensation for our membership interests? How will this affect my capital account?
- The treatment of your interests will ultimately depend on the outcome of the court-supervised process.
- We will provide additional information as it becomes available.
Will my voting rights change while the Company moves through the Chapter 11 proceedings and court-supervised sale process?
- No, at least until the closing of a sale. The Chapter 11 filing does not, by itself, change your existing voting rights.
- Certain matters related to the Chapter 11 proceedings, court-supervised sale process, and the transaction with Oaktree will be subject to court approval, and the transaction is also subject to regulatory approval.
- We will keep you informed of any changes as the process moves forward.
Where can I obtain additional information?
- For additional information, please visit our dedicated website at RiverStreetForward.com.
- For questions regarding your capital account, please reach out to RiverStreet’s claims agent, Epiq, at https://dm.epiq11.com/riverstreet; by calling Epiq representatives toll-free at (877) 217-7428, or at (971) 265-0089 for calls originating outside of the U.S. or Canada; or by emailing Epiq representatives at RiverStreetInfo@epiqglobal.com.
Retirees & Former Employees
Will I continue to receive my pension / annuity payments? Will the Chapter 11 process affect my pension benefits?
- If you are currently receiving pension benefits through the NTCA Retirement & Security (R&S) Program, you should continue to receive your pension payments in the ordinary course.
- The NTCA R&S Program is a defined benefit pension plan in which the assets of participating employers are pooled and held in a separate trust to provide retirement benefits to eligible participants.
- The Chapter 11 process does not change the pension benefits you have already earned or the manner in which you currently receive your pension payments. There is no action you need to take as a result of the Chapter 11 process.
- To the extent there are any plan changes made following a sale of the Company, you will be notified in a timely manner.
What does this mean for my 401(k) account? Are the assets / funds in my 401(k) account at risk because of this announcement?
- Federal laws protect the assets in your 401(k) account, which are held in a protected trust.
- This process will not affect contributions that were already made to your 401(k) account, and all other 401(k) plan features remain the same at this time.
- To the extent there are any plan changes made following a sale of the Company, you will be notified in a timely manner.
What does this mean for my medical benefits?
- There are no changes to your medical benefits as a result of the Chapter 11 filing.
- To the extent there are any medical plan changes made following a sale of the Company, you will be notified in a timely manner.
Where can I obtain additional information about this process?
- Additional information is available on a dedicated website at RiverStreetForward.com.