Capabilities

Restructuring of IAP Worldwide Services

Deutsche Bank Trust Company Americas, Credit Suisse, Oppenheimer Funds, Invesco and Eaton Vance

Our attorneys represented Deutsche Bank Trust Company Americas, as administrative agent, and a group of lenders led by Eaton Vance, Credit Suisse, Invesco and Oppenheimer Funds in the restructuring of IAP Worldwide Services, Inc. and certain of its subsidiaries and affiliates. IAP's debt-for-equity out-of-court restructuring is the first of its kind for a defense contractor.

IAP owed approximately $354 million to our clients, the first lien lenders, and owed its second lien lenders approximately $125 million. The restructuring involved the conversion of 80% of the existing first lien debt into all of the new equity of IAP, a buy-out of IAP's second lien debt, the creation of a new $50 million revolving loan and letter of credit facility and the amendment and restatement of the existing term loan facility. 

 

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