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US home security company Monitronics emerges from bankruptcy

Monitronics International Inc. completed its restructuring plan that makes EQT Credit, the credit arm of EQT Partners AB, and investment manager Brigade Capital Management LP, its largest shareholders.

The U.S. home security and alarm monitoring company emerged from Chapter 11 bankruptcy protection, having eliminated about $885 million in debt, and combined with its parent Ascent Capital Group Inc.

Monitronics expects to start trading its new shares on the OTC Market under the SCTY ticker on or before Sept. 4.

In line with its restructuring and effective immediately, Monitronics appointed a new board of directors that includes its president and CEO, Jeffery Gardner, and its former CFO Michael Meyers. Also joining the board are former United Rentals Inc. CEO Michael Kneeland as chairman, EQT partner and EQT Credit Head Andrew Konopelski, EQT partner Stephen Escudier, former Mohegan Gaming Authority & Entertainment CEO Mitchell Etess and Redan Advisors LLC Managing Member Patrick Bartels Jr.

Latham & Watkins LLP, King & Spalding LLP, Hunton Andrews Kurth LLP, Moelis & Co. LLC and FTI Consulting Inc. represented Monitronics in the recapitalization, while Baker Botts LLP and B. Riley FBR Inc. represented Ascent.