Telecommunications and power contractor QualTek Services said on Friday that it has emerged from bankruptcy after it reduced its debt by about $307 million through a restructuring deal.
QualTek filed for bankruptcy in May this year armed with a restructuring agreement to cut its debt and provide $40 million of new loans to fund its post-bankruptcy operations.
The telecom company will operate as a privately-held company under the ownership of its lenders and management. Its shares are no longer publicly traded.
The company will be led by the existing management team alongside a newly-formed board.
QualTek went public through a special purposes acquisition vehicle (SPAC) deal in February 2022, just before the Federal Reserve began raising interest rates in an effort to curb inflation in the U.S. economy. Reuters