After filing for bankruptcy, Starry plans to quickly reorganize its business and will continue to provide Internet services in five core operating markets in the United States, including Boston, New York, Los Angeles, Denver and Washington, DC. 

Over the past few months, Starry's business operations have struggled.  The company announced in October that it was cutting about 500 jobs, or about half of its workforce.

Starry announced it would exit the Columbus, Ohio, market in a few months to focus more on those five core markets.  Meanwhile, the company has been burning through a lot of cash, and its stock price has gone from bad to worse.  Its shares have been on the decline since its IPO last March -- initially at about $10/share, but are now worth $0.012, down from about $0.02/share last week.

To add insult to injury, Starry has yet to complete the Rural America Digital Opportunity Fund winning bid, after the company received funding from the FCC to provide internet service to underserved areas of the United States. Had the job been done, Starry would have  made nearly $269 million, according to figures released by Light Reading.   

Starry has reportedly asked the U.S. Bankruptcy Court for the District of Delaware to approve a plan to secure $43 million in funding from lenders. The funding will provide the necessary liquidity to continue its normal business operations and meet its post-application obligations to employees, customers and suppliers, the company said. 

"With the support of our lenders, we are confident that we will successfully complete this process as a stronger company with the ability to continue providing internet services to our customers," Starry CEO Chet Kanojia said in a press conference held. 

Unlike other ISPs that use cable to provide Internet access services, Starry uses wireless signals to access home scenarios to provide services.  Mobile carriers such as Verizon and T-Mobile have offered similar home internet service using 5G in recent years and attracted hundreds of thousands or even millions of customers to their fixed wireless services.