Restructuring of IAP Worldwide Services
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.