World VoIP NewsBroadview reshuffles financial restructuring plan
Broadview reshuffles financial restructuring plan
Broadview Networks has announced the approval of financial restructuration plan by the United States Bankruptcy Court. The essential plan was supported by the complete majority of company’s stakeholders, with the intent to cut the Company's massive debt securities by half.
Broadview Networks looks forward to have the last regulatory endorsements will be received within the next couple weeks. The procedure completed will allow the organization to migrate from bankruptcy in matter of very short period, completely in accordance with the Company's previously announced schedule. When needed, Broadview Networks will have massively minimized its capital structure, reduced its annual interest expense by almost $18 million, and have the dynamic access to free cash flow that will be used for, additionally, major working capital purposes and expansion opportunities. Having deployed this new capital structure, Broadview's performance will be below the average level of its competitors. The new debt taxonomy will include a five year contract on the new $150 million senior endorsed notes and $25 million in exit funds in the format of a dynamic credit infrastructure. "Our restructuring overhaul our debt issues and brings up much more relevant capital structure for the organization," stated Michael K. Robinson, President and CEO of Broadview Networks. "I want to greet all of Broadview's clients, staff, trading partners, equity stakeholders and our executive board for their focused effort during our restructuring procedures. The whole staff at Broadview is happy about our more financial versatility, making us to invest in growth opportunities and approving our marketing position in cloud-based realm." The Company's restructuring handler is Willkie Farr & Gallagher LLP. Broadview Networks is a cloud embedded SMBs communications deliverer serving customers in US and Canada with regional and long-distance VoIP communications, residential and certified hosted VoIP applications, data services and complete array of managed and expert services. They also ensure an innovative array of combined, hosted VoIP and cloud computing applications designed to address the essential application requirements of differentiated workforce teams. Its clients get the advantages from award-winning customer product, such as a cloud-based account management engine and an essential point-of-contact for on-line, personal customer care.
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