TPx wins court approval of Chapter 11 plan
TPx said a federal bankruptcy court in Southern Texas confirmed its Chapter 11 plan on Sept. 2. The company said it still needs remaining approvals and closing conditions before it can emerge from bankruptcy.
TPx said on Sept. 2 that the U.S. Bankruptcy Court for the Southern District of Texas confirmed its Chapter 11 Plan of Reorganization, a step the Austin-based company says moves it closer to emerging from bankruptcy.
The company said the plan is intended to leave it with a stronger balance sheet, a more sustainable capital structure and access to new capital. TPx said it also expects more room to invest in the business after the restructuring is complete.
TPx said it expects to continue operating as usual and supporting customers without interruption while the process continues.
TPx describes itself as a nationwide managed services provider based in Austin, Texas. In its announcement, the company said it expects to emerge only after required regulatory approvals are received and customary closing conditions are satisfied.
The company said a group of investors made up of its existing lenders and equity sponsor is expected to become the new owner at emergence. TPx also said that investor group will provide new financing.
Shaun Andrews, TPx's chief executive officer, said the confirmation is a major step for the company. He said it clears the way for the company's next phase and credited employees, customers, channel partners and lenders for helping the company reach the milestone.
TPx said Sidley Austin LLP is serving as legal counsel and Portage Point Partners as financial advisor. Steven Shenker is serving as chief restructuring officer, while PJT Partners, Inc. is acting as investment banker and FTI Consulting, Inc. is serving as communications advisor. The company said an ad hoc group of lenders is advised by Davis Polk & Wardwell LLP, Haynes and Boone LLP and Guggenheim Securities, LLC.
The company said more information about the restructuring is available on its website and through Kroll Inc.'s restructuring site, where bankruptcy court filings and other case information are posted.
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