Aspect Software received court approval for its pre-arranged agreement, which results in the reduction of more than $320 million of prepetition indebtedness.

The arrangement was principally led by certain affiliates and funds of GSO Capital, a unit of Blackstone, Guggenheim Partners Investment Management and MidOcean Credit Partners.

GSO Capital Partners is the global credit investment platform of Blackstone. Guggenheim Partners Investment Management is an affiliate of Guggenheim Partners, a global investment and advisory firm. MidOcean Credit Partners is an alternative credit manager and is affiliated with MidOcean Partners, a New York-based private equity firm.

Aspect’s advisors with respect to the restructuring were Kirkland & Ellis (as restructuring counsel), Jefferies (as investment banker) and Alix Partners (as restructuring advisor).

In March, Aspect Software entered into a pre-arranged agreement with certain unaffiliated holders of Aspect’s debt obligations to ready the company for a financial restructuring and replacement of its existing credit facilities. The pre-arranged agreement, which was approved by the court, resulted in the reduction of more than $320 million of prepetition indebtedness, the incurrence of new secured financings and an infusion of fresh convertible debt capital to facilitate growth. Effective today, Aspect has emerged from the restructuring process.

Phoenix-based Aspect Software provides cloud-based solutions for consumer engagement, workforce optimization and back-offices.