On August 31, 2020, iQor Holdings Inc. and twenty-two of its U.S. affiliates (collectively, the "Company") commenced a solicitation of votes to accept the Joint Prepackaged Plan of Reorganization of iQor Holdings Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (as may be amended, supplemented, or otherwise modified from time to time, the "Plan") from holders of First Lien Term Loan Claims and Second Lien Term Loan Claims. The Plan may be viewed here. The accompanying Disclosure Statement for the Plan may be viewed here. The voting deadline was September 8, 2020, and Holders of approximately 97% of the outstanding principal amount of the First Lien Term Loan Claims and approximately 84% of the outstanding principal amount of the Second Lien Term Loan Claims voted to accept the Plan.
On September 10, 2020, the Company filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The chapter 11 filing and the Plan represent an essential step to improve the Company's financial stability and address certain upcoming debt maturities. Notably, the Plan leaves general unsecured creditors unimpaired and will allow the Company to minimize disruptions to go-forward operations while effectuating a value maximizing transaction through the chapter 11 process. The cases are pending before the Honorable David R. Jones and are being jointly administered for procedural purposes under case number 20-34500.
On October 14, 2020, the Bankruptcy Court entered an Order Approving the Debtors' Disclosure Statement for, and Confirming, the Joint Prepackaged Plan of Reorganization of iQor Holdings Inc. and Its Debtor Affiliates [Docket No. 188]. On November 19, 2020, the Effective Date of the Plan occurred [Docket No. 225], and the Company completed its financial restructuring process and emerged from chapter 11.
No international affiliates are included as debtors in these chapter 11 cases. A list of the Company's non-debtor affiliates can be viewed here.