Daily News: October 5, 2012

Court Confirms Contec’s Plan of Reorganization

Contec Holdings, LTD, a provider in the repair and refurbishment of customer premise equipment for the cable industry, announced that the U.S. Bankruptcy Court for the District of Delaware confirmed the company’s Plan of Reorganization.

“This was the critical milestone in our reorganization process,” commented Lawrence Young, interim CEO of Contec. “With the support of our lenders, we were able to reduce our debt by over $250 million and obtain an incremental $25 million in financing, to aggressively pursue growth opportunities.”

“Day-to-day operations have not been impacted by this process, and our customers, employees and suppliers have been extremely supportive of us during this period,” said Wes Hoffman, chief operating officer of Contec. “We stake our reputation every day on being the industry leader in providing repair and logistics solutions for our customers while saving time, improving quality and reducing cost.” Hoffman continued, “We look forward to aggressively pursuing our growth plans and strategic partnerships to expand into a more diverse menu of service offerings.”

Previously on abfjournal.com:

Court Grants Final Approval of Contec DIP Financing, Wednesday, September 26, 2012

Contec Files Chapter 11, Barclays Provides $35MM DIP, Thursday, August 30, 2012