According to people familiar with the matter, broadband service provider Brightspeed is preparing to file for bankruptcy in December as soon as possible, and is also seeking new funding from existing lenders as soon as possible. According to these sources, Brightspeed, backed by Apollo Global Management, has been struggling to raise capital from new investors through asset-backed financing channels secured by the new fiber network's subscription cash flow. According to these sources, Brightspeed is seeking this financing to fund the company's continued expansion of its fiber-optic network.

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