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Orius agrees restructuring, files for Chapter 11
New York, Nov. 15 - Orius Corp. said it reached agreement with its bank lenders and holders of its senior subordinated notes on a restructuring and made a prepackaged Chapter 11 filing.
The West Palm Beach, Fla. provider of network and infrastructure services said bank lenders and noteholders will receive 95% of the equity in the reorganized company in exchange for an 80% reduction in its debt.
The Chapter 11 filing is with the U.S. Bankruptcy Court for the Northern District of Illinois. Orius said it hopes to emerge from Chapter 11 within 45 to 60 days.
Orius obtained a commitment for $32 million of debtor-in-possession financing facility from a group of lenders led by Deutsche Bank.
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