According to the U.S. Bankruptcy Court docket, the Court issued an order approving UniTek Global Services’ Disclosure Statement and concurrently confirming its Joint Prepackaged Plan of Reorganization. According to documents filed with the Court, “Under the Plan, the Debtors will deleverage the Debtors’ balance sheet by approximately $90 million, excluding original issuance discount costs. After emergence from chapter 11, the only funded debt obligations with recourse to the Reorganized Debtors will consist of the New First Lien Debt Facility and the New UniTek Debt.”
Court documents further explain, “The Plan proposes to pay all Allowed General Unsecured Claims in full in Cash either on the Effective Date or in the ordinary course of business.” This satellite, cable and wireless telecommunication services provider filed for Chapter 11 protection on November 3, 2014, listing $271 million in pre-petition assets. Learn more about UNTK’s Chapter 11 bankruptcy.