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 chapter 11 cases are pending before the Honorable David R. Jones. The Company is seeking to have the cases jointly administered for procedural purposes. Upon the entry of an order granting that relief, the cases will be jointly administered under case number 20-34500. This is the official website for the chapter 11 cases.
The Company has established an information line for interested parties at (888) 626-8512 (U.S. and Canada) and (818) 642-2216 (International). You can also send an email to firstname.lastname@example.org.
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.