Apollo Global Management Inc.-backed Constellis Group Inc. is discussing a restructuring of its $1 billion debt, Bloomberg News reported, citing people with knowledge of the discussions.

The security contractor aims to restructure out of court but is also considering a pre-negotiated bankruptcy filing, the report said.

After missing a principle payment on an $872 million loan, due Dec. 31, 2019, it entered into a forbearance agreement with a group of lenders.

Constellis said it recently closed on a $110 million delayed-draw credit facility provided by some existing lenders, adding that the forbearance agreement gives it extra time and flexibility to continue discussions around de-levering and recapitalizing its balance sheet.

It hired an adviser to help it devise the restructuring plan in October 2019.

Apollo bought Constellis in 2016 following a number of restructurings and name changes.

Apollo did not immediately comment on the matter, according to the news outlet.