May 6, 2025
Prepackaged Bankruptcy filing
Capital Structure Reorganization
Situation Overview
- Capital structure reorganization implemented via a voluntarily initiated “pre-packaged” chapter 11 bankruptcy case that commenced on May 6, 2025.
- Company emerged from bankruptcy on June 24, 2025, with a significantly strengthened capital structure.
Transaction Highlights
- A reduction in debt by more than 70% from $1.6 billion in loans and notes pre-bankruptcy to $465 million in debt post-reorganization, in the form of a senior secured Term Loan
- Retention by existing shareholders of 9% of the common stock of the reorganized company (with lenders and noteholders receiving 91%)
- An expected reduction in interest expense by approximately $50 million (vs. $109 million in 2024) and an extension of its debt maturity profile
- Support from a supermajority of secured creditors for the reorganization
