TPx, a nationwide managed services provider, has announced an amended and restated Restructuring Support Agreement with its existing sponsor and holders representing a significant majority of the Company’s outstanding funded debt. This agreement strengthens TPx’s financial foundation by providing a commitment for recapitalization and elimination of significant debt.
Details of the Agreement
The agreement allows TPx to continue to build upon positive EBITDA and free cash flow growth. To implement the agreement, TPx and certain of its affiliates have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.
Throughout the process, TPx will continue to operate in the ordinary course, delivering reliable managed services and supporting customers’ day-to-day operations without interruption. The Company has received new financing commitments, including $73.6 million in Debtor in Possession (DIP) financing, to provide sufficient liquidity to support the business throughout the Chapter 11 process and beyond.
Original reporting: KTBS 3 (Shreveport) — read the source article.
