Brief: QualTek Says Successfully Emerges From Chapter 11

QualTek Services

14/07/2023 23:49

July 14 (Reuters) - QualTek Services Inc  QTEKQ.PK :
    * QUALTEK SUCCESSFULLY EMERGES FROM CHAPTER 11
    * THROUGH ITS FINANCIAL RESTRUCTURING, COMPANY REDUCED ITS
DEBT BY
APPROXIMATELY $307 MILLION
    * FOLLOWING EMERGENCE, QUALTEK WILL OPERATE AS A
PRIVATELY-HELD
COMPANY UNDER OWNERSHIP OF ITS PREPETITION LENDERS AND
MANAGEMENT
    * COMPANY WILL BE LED BY EXISTING MANAGEMENT TEAM ALONGSIDE
A
NEWLY FORMED BOARD OF DIRECTORS
    * SAYS EQUITY SHARES OF PRE-EMERGENCE COMPANY HAVE BEEN
CANCELED
AND ARE NO LONGER PUBLICLY TRADING
    * THROUGH ITS FINANCIAL RESTRUCTURING, CO  ENTERED INTO $101
MILLION EXIT ABL FACILITY, & RECEIVED $25 MILLION OF NEW MONEY
EXIT TERM LOANS

Source text for Eikon:  ID:nBwb78Gmwa 
Further company coverage:  QTEKQ.PK 

 ((Reuters.Briefs@thomsonreuters.com;))