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Bankruptcy Court Confirms UniTek’s Pre-Pack Plan of Reorganization

January 07, 2015, 07:38 AM
Filed Under: Bankruptcy

UniTek Global Services, Inc. announced today that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Company's Plan of Reorganization. The Company has set mid-January, 2015 for the effective date of the Plan of Reorganization and its emergence from chapter 11.

"Today, I thank our team who has led us through this expedited chapter 11 process. We are pleased with the court's confirmation of our Plan of Reorganization and will emerge from chapter 11 as a strong Company that continually meets the needs of our customers," said UniTek Chief Executive Officer Rocky Romanella. "Likewise, we are grateful for the loyalty and support of our customers and suppliers. Our valuable team of highly-skilled employees continues its steadfast focus on safety and service as we represent some of the greatest brands in the telecom industry."

Throughout the chapter 11 process, UniTek fully honored all commitments to employees, customers and suppliers while continuing to manage day-to-day operations as usual. Through the efforts of all constituents, the Company will emerge from bankruptcy within the timeframe announced when it filed its voluntary petition on November 3, 2014.

Under the Plan of Reorganization, the lenders provided additional capital and liquidity to support the Company's recapitalization and all valid unsecured claims were either paid in full or assumed in the ordinary course of business and left unimpaired. Additionally, the Company reduced the par amount of its existing secured debt by over 40% through a debt-for-equity "swap" and achieved a substantial interest rate reduction on its remaining debt.

Upon emergence from chapter 11, UniTek will be a private company majority owned by New Mountain Finance Corporation and entities managed by Littlejohn & Co., LLC whom both have extensive private equity expertise, as well as deep relationships in the specialty contracting and fulfillment services industries.

UniTek Global Services is a leading provider of communications infrastructure solutions, leveraging a longstanding reputation for innovation and safety to connect individuals, businesses, government agencies and communities to the digital landscape.

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