IPC Systems entered into a transaction support agreement with its key stakeholders that will reduce the company’s debt by more than $400 million, extend its debt maturity schedule by five years and provide new capital of $125 million to deliver resources for investment in long-term growth strategies.
Hertz selected and approved a revised proposal from certain funds and accounts managed by affiliates of each of Knighthead Capital Management, Certares Opportunities and Apollo Capital Management (together with Knighthead and Certares, the KHCA group) to provide the equity capital required to fund Hertz’s revised plan of reorganization and exit from Chapter 11.
The U.S. Bankruptcy Court for the Southern District of New York confirmed Garrett Motion’s plan of reorganization, positioning the company to complete the implementation of the plan, which will be led by funds managed by Centerbridge Partners and Oaktree Capital Management.
Hertz Global Holdings selected an enhanced proposal from Centerbridge Partners, Warburg Pincus and Dundon Capital Partners to provide the equity capital required to fund its exit from Chapter 11, keeping the company on track to conclude its Chapter 11 case in June 2021.
Hertz will continue the process of negotiating the terms on which its plan of reorganization will be sponsored without delaying its goal of exiting Chapter 11 by early to mid-summer.
Bank of America Merrill Lynch, Credit Suisse and Antares Capital provided financing to support Centerbridge Partners’ acquisition of Syncsort and Vision Solutions from Clearlake Capital Group.
CI Capital Partners it completed the sale of its portfolio company, KIK Custom Products to Centerbridge Partners. Terms of the transaction were not disclosed.
Aquilex Holdings announced it entered into an agreement to acquire Inland Industrial Services Group. GE Capital provided a facility to finance the acquisition.
CIT said it provided a senior secured credit facility to Aquilex, a provider of industrial cleaning solutions. Aquilex is majority-owned by affiliates of Centerbridge Partners.