TPx announced that U.S. Bankruptcy Court for the Southern District of Texas has confirmed its plan of reorganization, moving things forward in the Chapter 11 process. TPx expects to emerge with a more sustainable capital structure and access to new capital, said the company.
TPx continues to operate as usual. It expects to emerge from Chapter 11 once required regulatory approvals are received and customary closing conditions are satisfied. At that time, a group of investors consisting of the company’s existing lenders and equity sponsor will become TPx’s new owners.
“Confirmation of our Plan marks a major step for TPx and clears the way for the company’s next phase,” said Shaun Andrews, Chief Executive Officer of TPx. “We reached this milestone with the commitment of our employees, the partnership of our customers and Channel Partners, and the support of our lenders, and I’m grateful to all of them. Now we can turn our full attention to the opportunities ahead: expanding the business, strengthening our capabilities and raising the bar for the managed services we deliver. We have a clear direction and a lot to build on.”
Additional information about TPx’s restructuring process is available at http://tpx.com/ourfuture.
