Global law firm White & Case LLP has advised ConvergeOne, an advanced technology and solutions company now known as C1, on the successful filing of its prepackaged chapter 11 plan in the United States Bankruptcy Court for the Southern District of Texas.
The prepackaged plan, which has been agreed upon by a supermajority of C1's lenders and certain other stakeholders, will support ongoing efforts to invest in the transformation and growth of the company. The agreement, which remains subject to the Court's approval, provides for the reduction of approximately 80 percent of debt from the company's balance sheet and US$245 million in new equity commitments, resulting in a significant increase in C1's available liquidity.
Under the terms of the plan, if confirmed by the Court, the company will continue to operate its business, and the new financing will be available to support C1 throughout the process and in the future.
"I would like to thank the White & Case team for guiding C1 to an agreement that will allow us to continue enhancing the resiliency of our business and will position us for future growth," says C1 CEO, Jeffrey Russell. "This agreement is the result of tireless collaboration between the White & Case attorneys and our team, to ensure that our ongoing efforts are supported and that C1 has a strong financial foundation for the future."
The White & Case team was led by Financial Restructuring and Insolvency partners Bojan Guzina, Andrew O'Neill, Erin Rosenberg (all in Chicago) and Charles Koster (Houston); and included associates Blair Warner, Adam Swingle, Drew Magee, Andrew Rudolph, Maria Protic, Reed Rogan, Alonso Aquije, Clint Simkins (all in Chicago) and Rashad Abdallah (Los Angeles); Debt Finance partners Justin Wagstaff and Brett Pallin, and associates Ben Morrison (all in New York) and Iris Ma (Silicon Valley); M&A partners Oliver Brahmst, Daniel Kozin and Adam Cieply (all in New York); and Employment, Compensation & Benefits partner Tal Marnin (New York).
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