Broadband provider Brightspeed is facing a possible bankruptcy filing as it works to complete millions of dollars in state-supported internet expansion projects across northeastern North Carolina.

The Charlotte-based company could seek bankruptcy protection as soon as December, according to an Oct. 30 report by The Wall Street Journal. The company has struggled to secure additional financing while carrying more than $11 billion in debt.

The financial troubles come as Brightspeed has 24 broadband awards in 11 counties within the Albemarle Observer’s coverage area, according to information from the North Carolina Department of Information Technology’s broadband awards dashboard shared by the Northeast Collaborative Broadband Initiative.

All 24 projects are listed in the construction phase.

The projects are supported by more than $41 million in state grants through three programs designed to expand broadband access in underserved communities.

The awards identify proposed connections, but the dashboard information provided does not establish how many locations have already received service or how much grant funding has been paid to Brightspeed.

Company seeks financing

Brightspeed, which began operating in 2022 after acquiring telecommunications assets from Lumen Technologies, has been replacing older copper telephone networks with fiber-optic infrastructure across 20 states.

The company is backed by Apollo Global Management.

According to Fierce Network, Brightspeed had approximately $11.6 billion in outstanding gross debt at the end of the second quarter of 2026. Its cash reserves had fallen to $1.2 billion, compared with $2.4 billion at the end of 2025.

Bloomberg reported in October that representatives of Brightspeed’s creditors had entered discussions about the company’s debt.

David Barden, an analyst with New Street Research, estimated in October that Brightspeed would need approximately $3 billion in additional financing to fund operations through 2027.

The Wall Street Journal subsequently reported that the company was preparing for a potential bankruptcy filing while continuing to pursue financing alternatives.

Brightspeed has not announced a bankruptcy filing.

On Nov. 2, the company named Shawn O’Donnell its new chief executive officer, replacing acting CEO Michel Combes, who remains chairman.

What the financial problems mean for customers

For current Brightspeed customers, several questions remain unresolved as Brighspeed seeks financing.

A bankruptcy filing would not automatically shut down the company. Businesses can continue providing services while reorganizing their debts under bankruptcy protection.

For households and businesses awaiting new fiber connections, the immediate issue is whether construction will proceed according to the schedules established under the state-funded projects.

The information provided by the broadband initiative does not identify any specific project that has been delayed or canceled because of Brightspeed’s financial problems.

It also does not establish whether the state has taken action concerning the company’s grant agreements.

Broadband projects across northeastern NC

The state’s broadband awards dashboard identifies Brightspeed projects in Camden, Chowan, Currituck, Dare, Gates, Hertford, Hyde, Martin, Pasquotank, Tyrrell and Washington counties.

The projects are funded through three state programs: Growing Rural Economies with Access to Technology, known as GREAT; Completing Access to Broadband, or CAB; and Stop-Gap.

The largest number of proposed connections in the regional records is in Currituck County, where three awards cover 3,071 homes and businesses. The projects carry approximately $6.05 million in state grant funding.

Martin County has two Brightspeed awards covering 2,559 proposed locations, with approximately $7.39 million in state grants.

In Hyde County, three projects are intended to reach 1,836 locations, supported by approximately $2.83 million in state grants.

Gates County has one GREAT project covering 1,143 proposed locations, with approximately $3.68 million in state funding.

Pasquotank County has three projects covering 985 locations, with approximately $6.17 million in state grants.

Brightspeed has six projects listed in Washington and Tyrrell counties, with three awards in each county.

In Washington County, the projects cover 1,672 proposed connections, including 1,402 households and 270 businesses. The county’s three awards include approximately $4.82 million in state grant funding, along with a $50,000 county match and approximately $1.27 million in provider matching funds.

In Tyrrell County, the projects cover 1,094 proposed connections, including 957 households and 137 businesses. Those awards include approximately $4.56 million in state grants, a $15,000 county match and approximately $1.47 million in provider matching funds.

Combined, the projects in the two counties are intended to serve 2,766 locations.

Other awards cover 352 locations in Hertford County, 95 in Dare County, five in Chowan County and four in Camden County.

The supplied dashboard records contain no Brightspeed awards for Bertie or Perquimans counties. That does not necessarily mean Brightspeed has no customers or other broadband activity in those counties.