iQor emerges from bankruptcy with plan approved in October

Chicago, Nov. 19 – iQor Holdings Inc. has successfully completed its financial restructuring and has emerged from bankruptcy, according to a press release on Thursday.

The company’s plan was confirmed on Oct. 14.

As previously reported, the company’s funded debt was going to be refinanced with $155 million to $177.5 million in exit financing.

And, holders of first-lien term loan claims will receive a share of 95.75% of the common stock of reorganized iQor, subject to dilution on account of a management incentive plan and new term loans.

Holders of second-lien term loan claims will receive a share of 4.25% of the new common stock, subject to dilution by the management incentive plan.

Series SS and series A preferred interests and existing common interests will be cancelled without a distribution to holders.

iQor was advised in the process by FTI Consulting as financial advisor, Evercore as investment banking advisor, and Kirkland & Ellis LLP as legal advisor.

iQor is a St. Petersburg, Fla.-based provider of business process outsourcing services. The company filed Chapter 11 bankruptcy on Sept. 10 under case number 20-34500.

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