Latest news with #PlanofReorganization
Yahoo
17-04-2025
- Business
- Yahoo
Mitel Receives Court Approval of its Restructuring Plan, Clearing the Path to Capitalize on the Hybrid Market Opportunity
Company is expected to emerge from the restructuring process within the current calendar quarter with significantly reduced debt, improved capital structure, and renewed strategic focus on hybrid communications SUNNYVALE, Calif., April 17, 2025--(BUSINESS WIRE)--Mitel Networks Corporation, (together with certain affiliates, "Mitel" or "the Company"), a global leader in business communications, today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the "Court") confirmed the Company's prepackaged Plan of Reorganization (the "Plan"). Completion of the Company's restructuring process is expected within the current calendar quarter, resulting in significantly less debt, and a stronger capital structure that will support future growth. In March, Mitel announced its Plan to proactively recapitalize the company's debt and right-size its capital structure as part of a broader strategy to strengthen its leadership position in unified communications. The Plan was designed to position the Company to address the growing market demand for hybrid communications solutions and ensure continued support for Mitel's more than 70 million users across over 100 countries. As part of the normal course of business during the process, Mitel has continued to execute against its strategy, capitalizing on the hybrid communications market opportunity, building on its strong portfolio momentum, and driving business optimization to support sustained business momentum. "Approval of our Plan is a major milestone as we near the conclusion of our financial restructuring. Over the past several months, we have worked diligently to strengthen Mitel's financial foundation, and we are proud to have done so with the strong support of our employees, partners, customers, and lenders," said Tarun Loomba, Chief Executive Officer of Mitel. "With a more efficient capital structure in place, we're well-positioned to accelerate growth and sharpen our focus on delivering flexible, secure, and mission-critical communications solutions. We look forward to completing this process in the near term and to emerging as an even stronger vendor, employer, and business partner—continuing our leadership in hybrid communications for years to come." Under the terms of the Plan, Mitel will eliminate approximately $1.15 billion in debt and reduce its annual cash interest expense by approximately $135 million. The Company will also gain access to $64.5 million of exit financing upon emergence to support its go-forward operations. Pursuant to the Court's order approving payments to vendors in the ordinary course of business, the Company has been honoring its obligations to vendors, who will be paid in full for all claims under the Plan, and Mitel is continuing to deliver for its customers and partners throughout the process and into the future. The Company will complete its financial restructuring and emerge from the Court-supervised process after the transactions contemplated by the Plan are consummated and certain customary regulatory approvals are obtained. Additional resources about Mitel's financial restructuring can be accessed by visiting the Company's restructuring website at Court filing and other documents related to the Chapter 11 process are available at or by calling (855) 704-1401 (U.S. and Canada) or (949) 570-9105 (International). Mitel is advised in this process by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisor, FTI Consulting, Inc. as financial advisor, and PJT Partners LP as investment banker. The Ad Hoc Group of senior lenders is advised by Davis Polk & Wardwell LLP as legal advisor and Perella Weinberg Partners LP as investment banker. About Mitel Mitel is a global leader in business communications, providing businesses with advanced communication, collaboration, and contact center solutions. With more than 70 million users across over 100 countries, Mitel empowers organizations to connect, communicate, and collaborate seamlessly, with the flexibility and choice they need to thrive, both now and for the future. Through proven experience and innovative solutions, Mitel delivers communications without compromise. For more information, go to and follow us on LinkedIn and X @Mitel. Mitel is the registered trademark of Mitel Networks Corporation. All other trademarks are the property of their respective owners. View source version on Contacts Media Contact: pr@ Rachel Chesley / Diana SangiorgioMitelCommunications@ Sign in to access your portfolio
Yahoo
31-03-2025
- Business
- Yahoo
Biora Therapeutics Successfully Completes Restructuring Process
Emerges as a privately held company, with long-term financing to accelerate development of the BioJet™ platform SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) -- Biora Therapeutics, a biotech company developing the first swallowable autoinjector, today announced the successful completion of its court-supervised restructuring. Through the restructuring process, Biora achieved an improved balance sheet with deleveraged debt and significant new financing to support the business going forward. Biora has emerged from the restructuring as a privately held company. 'Emergence marks a new beginning for us as a leaner, stronger, well-capitalized company with a mission to revolutionize the way biologic pharmaceuticals are delivered to patients,' said Adi Mohanty, Chief Executive Officer of Biora Therapeutics. 'We are now positioned to accelerate development of the BioJet platform, our orally ingestible liquid jet technology that can deliver industry-leading payloads of over 300 microliters in a commercially desirable format. We continue to expand relationships with our pharma collaborators for this ground-breaking technology, and our team is excited to complete testing with the updated, 00-size BioJet device.' In connection with emergence, ownership of the company transitioned to certain of Biora's lenders, including Davidson Kempner Capital Management LP, Context Capital Management LLC, and funds managed by Highbridge Capital Management LLC. The company's existing common shares were cancelled, pursuant to the Plan of Reorganization. McDermott Will & Emery acted as Biora's legal counsel, MTS Health Partners was its investment banker, and Evora Partners, LLC its restructuring advisor. About Biora TherapeuticsBiora Therapeutics is a biotech company developing the first swallowable autoinjector. Biora's BioJet™ platform is designed to replace injection with needle-free, oral delivery of macromolecules. BioJet is an ingestible drug-device combination that uses liquid jet injection to deliver drug into the submucosa of the small intestine. BioJet technology is designed to autonomously deliver a wide range of molecules, including proteins, peptides, and nucleic acids. The ingestible injectable device delivers standard liquid drug formulations with a capacity of >300 microliters, enabling doses greater than 50 milligrams. For more information, visit or follow the company on LinkedIn. Media Contactmedia@ in to access your portfolio
Associated Press
11-02-2025
- Business
- Associated Press
KKR Income Opportunities Fund Completes Acquisition of Assets of Insight Select Income Fund
The Board of Trustees of KKR Income Opportunities Fund (NYSE: KIO) today announced the closing of KIO's previously announced acquisition of the assets of Insight Select Income Fund ('INSI'). 'We are thrilled to officially welcome INSI shareholders to KIO,' said Jeremiah Lane, Co-Head of Global Leveraged Credit at KKR. 'We continue to believe this is a strong environment for credit investing, and we look forward to leveraging the compelling opportunities we see in the market to continue delivering value to our shareholders.' INSI's shares ceased trading on The New York Stock Exchange on January 31, 2025. KIO will continue to trade on the New York Stock Exchange under its current ticker symbol, 'KIO.' INSI will receive shares of KIO based on the closing net asset values on February 6, 2025, which were $17.62 and $13.08 for INSI and KIO, respectively. Following the closing, shares of KIO will be distributed to shareholders of INSI. Therefore, INSI shareholders will receive 1.34709 shares of KIO for each share of INSI they held. Only whole shares of KIO will be issued. Fractional shares will be liquidated at market prices and proceeds will be distributed to shareholders in cash. INSI shareholders were given the option to receive a portion of the consideration in cash subject to the adjustment and proration procedures set forth in the Agreement and Plan of Reorganization; 55.6% of INSI shareholders elected to receive cash consideration. Shareholders who made this election will receive approximately 8.8% of the value of their INSI shares in cash with the rest in KIO shares. The cash election proceeds and whole shares will be distributed on February 12, 2025, while cash resulting from the sale of fractional shares will be paid out early the following week. UBS Securities LLC served as financial advisor to Insight North America LLC ('Insight'). Dechert LLP served as legal counsel to KIO and KKR Credit Advisors (US) LLC. Clifford Chance LLP served as legal counsel to Insight and Troutman Pepper Hamilton Sanders LLP served as legal counsel to INSI. KKR Income Opportunities Fund KKR Income Opportunities Fund is a diversified, closed-end management investment company managed by KKR Credit Advisors (US) LLC ('KKR Credit'), an indirect subsidiary of KKR & Co. Inc. ('KKR'). The Fund's primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The Fund will seek to achieve its investment objective by investing primarily in first- and second-lien secured loans, unsecured loans and high yield corporate debt instruments. It seeks to employ a dynamic strategy of investing in a targeted portfolio of loans and fixed-income instruments of U.S. and non-U.S. issuers and implementing hedging strategies in order to achieve attractive risk-adjusted returns. Please visit for additional information. KIO invests in loans and other types of fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of KIO's investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. Use of leverage creates an opportunity for increased income and return for common shareholders of KIO but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and market price of, and distributions on, the common shares of KIO. In particular, leverage may magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage may cause greater changes in KIO's NAV, which will be borne entirely by KIO's common shareholders. Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of KIO. The risk of loss from a short sale is unlimited because KIO must purchase the shorted security at a higher price to complete the transaction and there is no upper limit for the security price. The use of options, swaps, and derivatives by KIO has the potential to significantly increase KIO's volatility. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. KIO's investments in securities or other instruments of non-U.S. issuers or borrowers may be traded in undeveloped, inefficient and less liquid markets and may experience greater price volatility and changes in value. 212-750-8300 SOURCE: KKR Income Opportunities Fund Copyright Business Wire 2025. PUB: 02/10/2025 05:47 PM/DISC: 02/10/2025 05:48 PM
