Dynata, a first party data platform company, has successfully concluded its first day prepackaged Chapter 11 hearing and received $31.5 million in new financing, with access to another $50 million in new financing set for early July 2024 following emergence from its short Chapter 11.
Dynata submitted a prepackaged chapter 11 filing in the United States Bankruptcy Court for the District of Delaware on May 22, 2024. The filing included a restructuring support agreement under which substantially all of its lenders agreed to support Dynata’s Chapter 11 plan and extend $31.5 million in debtor in possession (DIP) financing and $50 million in exit financing. The company continues to operate without interruption and its 36-month transformation plan to support the company’s long-term growth strategy remains on track.
“We are happy to report that Dynata is operating business as usual,” Mike Petrullo, CEO of Dynata, said. “We are paying our vendors, partners and employees in full and on time and continue to provide high-quality service to our customers. This prepackaged filing has been crucial to securing Dynata’s future, as our transformation plan continues unabated, and we are well positioned for growth. I am excited to start the second half of the year with a significantly deleveraged balance sheet, fresh capital and increased momentum, with no business disruption in the meantime.”
Willkie Farr & Gallagher is serving as Dynata’s legal advisor in connection with the restructuring. Alvarez & Marsal serves as its restructuring advisor and Houlihan Lokey serves as its investment banker.
Gibson, Dunn & Crutcher is serving as lead counsel and PJT Partners is serving as investment banker to an ad hoc group of controlling first lien lenders in connection with the restructuring. Vinson & Elkins is serving as lead counsel and Lazard is serving as investment banker to an ad hoc group of controlling second lien lenders in connection with the restructuring.
