QTEK - QualTek's units file for Chapter 11 in Texas
2023-05-24 11:16:05 ET
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QualTek Services ( NASDAQ: QTEK ) said Wednesday that a few of its subsidiaries have filed voluntary petitions for Chapter 11 cases as part of a restructuring process.
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The units have filed Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas.
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The restructuring will help reduce debt by about $307 million and provide $40 million of additional liquidity, QualTek said.
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QualTek will file a restructuring support agreement along with a plan of reorganization and expects new ownership comprised of the company’s existing lenders and management team after coming out of Chapter 11.
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QualTek's units file for Chapter 11 in Texas