Brief: Qualtek To Strengthen Financial Position And Drive Long-Term Growth Through Consensual Financial Restructuring

QualTek Services

24/05/2023 11:33

May 24 (Reuters) - QualTek Services Inc  QTEK.O :
    * QUALTEK TO STRENGTHEN FINANCIAL POSITION AND DRIVE
LONG-TERM
GROWTH THROUGH CONSENSUAL FINANCIAL RESTRUCTURING
    * QUALTEK SERVICES INC - RESTRUCTURING TRANSACTIONS TO
REDUCE DEBT
BY $307 MILLION AND PROVIDE $40 MILLION OF NEW LIQUIDITY TO
EXECUTE BUSINESS PLAN
    * QUALTEK SERVICES INC - RESTRUCTURING TRANSACTIONS TO
REDUCE DEBT
BY $307 MILLION
    * QUALTEK SERVICES INC - CO, SOME UNITS HAVE FILED
VOLUNTARILY
PETITIONS FOR CHAPTER 11 CASES IN UNITED STATES BANKRUPTCY COURT
    * QUALTEK SERVICES INC - OPERATIONS ACROSS COMPANY ARE
EXPECTED TO
CONTINUE AS USUAL
    * QUALTEK SERVICES INC - UNDER TERMS OF RSA, CO CONTEMPLATES
$65
MILLION DEBTOR-IN-POSSESSION TERM LOAN FINANCING FACILITY
    * QUALTEK SERVICES INC - MANAGEMENT CONTINUES TO LEAD
BUSINESS,
ROLES AND RESPONSIBILITIES ACROSS TEAM REMAIN SAME
    * QUALTEK SERVICES INC - UPON EMERGENCE FROM CHAPTER 11,
THERE
WILL BE NEW OWNERSHIP COMPRISED OF COMPANY'S EXISTING LENDERS
AND MANAGEMENT TEAM

Source text for Eikon:  ID:nBw3s48v4a 
Further company coverage:  QTEK.O 

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