Monitronics International, a smart home security and alarm monitoring company, received confirmation from the U.S. Bankruptcy Court for the Southern District of Texas of its partially prepackaged plan of reorganization following an uncontested hearing on June 26. Monitronics emerged from Chapter 11 on June 30.

Monitronics’s fully consensual plan was confirmed with the overwhelming support of its key stakeholders less than 45 days after the commencement of the Chapter 11 cases. Of those who voted, 100% of the company’s prepetition lenders and holders of approximately 99.97% of the equity interests voted in favor of the plan.

The plan, which leaves general unsecured creditors unimpaired, allows the company to emerge with its business intact and substantially delevered by permanently reducing approximately $488 million of debt, reflecting a nearly 45% reduction of the company’s prepetition funded debt. The plan also provides the company with significant liquidity through a post-emergence exit facility that will enhance long-term growth prospects and position it to succeed in the highly competitive smart home and alarm monitoring industry.

Latham & Watkins advised the Chapter 11 debtors with a restructuring team led by New York partner David Hammerman, along with Chicago partner Jason Gott, Los Angeles partner Helena Tseregounis, New York counsel Annemarie Reilly, and associates Jonathan Gordon, Chris Beaucage, Deniz Irgi and Meghana Vunnamadala. Advice was also provided on benefits matters by Los Angeles/Orange County partner Michelle Carpenter, with associate Jordan Barnes; on corporate matters by Austin/Houston partner David Miller, with associates Om Pandya and Jase Burner; on finance matters by Houston partner Catherine Ozdogan, with associates Benjamin Gelfand and Whitley Johnson; on tax matters by New York partner Jiyeon Lee-Lim, with associate Michael Zucker; on litigation matters by New York partner Chris Harris, with associate Elizabeth Morris; on mergers and acquisitions matters by Houston/Austin partner John Greer, with associate Rachel Ratcliffe; on data privacy matters by Houston/Austin counsel Robert Brown; and on insurance matters by San Diego partner Drew Gardiner.