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Altegrity Successfully Completes Financial Restructuring

September 08, 2015, 08:13 AM
Filed Under: Bankruptcy

Altegrity, LLC announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through its Plan of Reorganization, Altegrity has substantially reduced its debt. The Company’s second and third lien noteholders have converted their debt into equity becoming the new majority owners, and, in connection with the Chapter 11 proceedings, certain of the new equity owners contributed $90 million in debtor-in-possession financing to support the restructuring and the Company upon emergence.

“Today marks the completion of a restructuring that allows our Company to move forward as a stronger and more competitive enterprise that is well positioned for success,” said Jeffrey Campbell, Altegrity’s President and Chief Financial Officer. “With significantly less debt, we have enhanced our ability to further invest in our HireRight and Kroll businesses to enable their growth and create value for our stakeholders.”

The new majority owners of the company include funds managed by Third Avenue Management LLC, Litespeed Management LLC and Mudrick Capital Management LP.

Debevoise & Plimpton LLP served as the company’s legal advisor, AlixPartners LLP served as its restructuring advisor and Evercore LLC served as its financial advisor.

Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Houlihan Lokey advised the ad hoc committee of unaffiliated holders of the Company’s second and third lien debt. Kirkland & Ellis LLP and Moelis & Company LLC advised the ad hoc committee of unaffiliated holders of the Company’s first lien debt.

Altegrity is a global, diversified risk and information services company. Headquartered in New York, NY, Altegrity is the parent company of HireRight, a leading provider of employment background screening and eligibility solutions, and Kroll, a leading global provider of risk and technology-enabled services and solutions.

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