Alvaria, Inc. — Representation of Alvaria, Inc. and its affiliates (Alvaria), a contact center and workforce management provider, on its successful out-of-court restructuring that equitized over $700 million of funded debt obligations and injected $50 million into the go-forward business. Implemented through a strict equity foreclosure supported by existing equity holders and a majority of the existing lenders, the transaction preserved 1,000 jobs and eliminated over $80 million of annual interest expense. The transaction follows a successful liability management transaction led by Kirkland in April 2024 that received 100% lender support.
Pretium Packaging, LLC — Representation of Pretium Packaging, L.L.C. (Pretium) and 9 of its affiliates in its voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey, a first-of-its-kind expedited prepackaged case in the District. Pretium is a leading global supplier of sustainable rigid packaging solutions used by a diverse set of end markets. Pretium entered into Chapter 11 to implement a comprehensive restructuring transaction that would eliminate approximately $900 million of the company’s approximately $1.8 billion funded debt obligations with the overwhelming support of its existing lenders and Clearlake, Pretium’s equity sponsor. Pretium received approval for up to $533.5 million in debtor in possession (DIP) term loan facility and access to a $100 million DIP ABL facility, and commitments to roll such facilities into exit financing to support Pretium’s long-term growth.
National Resilience — Representation of National Resilience, a leading a North American contract development and manufacturing organization (CDMO), in a comprehensive out-of-court restructuring of certain lease obligations and a corresponding capital raise of $825 million of new money from Oak Hill Advisors and its co-investors. The comprehensive transactions provide National Resilience with capital to pay down existing debt and fund capital expenditures to build out manufacturing capabilities to support its diverse customer base.
