RXT - Rackspace Nears $275M in Restructuring Plan with Creditors: Report | Benzinga
Rackspace Technology Inc (NASDAQ:RXT) is reportedly finalizing a deal with its creditors to provide the company with a new influx of cash, lighten its debt load, and reorganize the repayment hierarchy.
This arrangement would grant Rackspace approximately $275 million in new funds, prioritized above current borrowings for repayment.
Additionally, the agreement includes a debt exchange offer at values less than face value, accessible to all secured lenders but with enhanced conditions for those who were part of the negotiation process, Bloomberg reports.
Creditors engaged in a previous cooperation agreement will benefit from more favorable terms than lenders who did not participate.
The company and ...