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Goodman Networks to file for prepackaged Chapter 11 bankruptcy


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Goodman Networks to file for prepackaged Chapter 11 bankruptcy

Goodman Networks Inc. and its subsidiaries reached a restructuring support agreement with holders of the company's 12.125% senior secured notes due 2018 who hold more than 75% of the outstanding notes and more than 80% of the company's equity holders regarding a financial restructuring transaction.

The restructuring will be implemented through a prepackaged Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas, the company said Jan. 25. Goodman plans to file its prepackaged Chapter 11 cases in February and expects to emerge by the end of April.

The proposed transaction, among other things, will reduce the company's long-term debt by about $212.5 million through an exchange of the notes for a cash pay down, new 8% secured notes issued by the company, and preferred and common equity of the company, Goodman Networks said Jan. 25.

Goodman will continue to operate its business as usual in all respects and the Chapter 11 filing is not expected to affect its operations, the company said.

Kirkland & Ellis LLP serves as legal counsel to the company, Akin Gump Strauss Hauer & Feld LLP serves as legal counsel to an ad hoc group of the notes, and Greenhill & Co. serves as investment bankers and financial advisers to the ad hoc group.