According to the U.S. Bankruptcy Court docket, Aspect Software Parent and four affiliated Debtors filed for Chapter 11 protection in Wilmington, DE.
The Company, which provides computer software designed to optimize customer contact solutions, is represented by Domenic E. Pacitti of Klehr Harrison Harvey Branzburg.
The Company explains, “Despite Aspect’s aggressive cost-cutting measures, it became clear by the fall of 2015 that Aspect would need to pursue a long-term solution for right-sizing its capital structure in order to maximize its potential for long-term success and obtain a runway sufficient to realize profits on new product lines.”
The Company further notes, “Ultimately, following nearly a year of evaluating and negotiating restructuring alternatives Aspect has reached an agreement on a restructuring transaction…that addresses its capital structure challenges by eliminating approximately $320 million of second lien debt, and equitizing $60 million of first lien claims, and providing Aspect with access to $60 million through a rights offering. The transaction is supported by 33.3% of holders of First Lien Revolver Claims, 94% of First Lien Term Loan Claims, and 42% of holders of Second Lien Note Claims, all of whom have executed a plan support agreement with Aspect.”
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