iQor Emerges from Chapter 11 Process, Successfully Completes Financial Restructuring
iQor (News - Alert) ("the Company"), a managed services provider of customer engagement and technology-enabled BPO solutions, announced today that the Company and each of its U.S. subsidiaries have emerged from Chapter 11 bankruptcy, signaling the completion of the financial restructuring process. The Company's Pre-Packaged Plan of Reorganization was confirmed by the United States Bankruptcy Court for the Southern District of Texas on October 14, 2020.
iQor emerges from the Chapter 11 process with a strengthened capital structure, improved financial stability and having recapitalized its funded debt. "Our swift emergence demonstrates the strong support of our new owners. We want to thank our customers and employees for their loyalty through this process. We start this next chapter as a stronger iQor, better positioned to deliver premium customer interactions, to assist our clients in today's ever-changing customer experience landscape," said Gary Praznik, President and Chief Executive Officer of iQor.
"We made the decision to pursue an in-court restructuring to provide iQor with the best path forward to achieve long-term sustainability, growth and profitability. As we emerge and with our new capital structure, we're better enabled to execute our BPO platform strategy and to continue responding to the COVID-19-related challenges and disruptions our clients face. We're looking forward to realizing our full potential, which is now reflected in our strengthened financial position."
In the months ahead, the Company will remain laser focused on customer performance, organic and strategic new growth and continuing its disciplined financial planning analysis for key business decisions under new ownership.<> iQor was advised in this process by FTI Consulting as financial advisor, Evercore as investment banking advisor, and Kirkland & Ellis LLP as legal advisor.
iQor is a managed services provider of customer engagement and technology-enabled BPO solutions. With 35,000 employees in 9 countries, we partner with many of the world's best-known brands to deliver customer support and aftermarket product solutions that span the consumer value chain, from customer care and receivables management to product diagnostics and repair services. Our award-winning technology, logistics, and analytics platforms enable us to measure, monitor, and analyze brand interactions, improve business processes, and find operational efficiencies that lead to superior outcomes for our partners across the customer and product life cycles. For more information, please visit us at www.iqor.com or follow us at www.twitter.com/iqor.
None of iQor, its advisors, or any of their directors, officers, affiliates, agents, or representatives makes any express or implied representation or warranty as to the accuracy or completeness of the information contained herein. This information represents the subjective views of iQor, and where applicable, iQor's current estimates of future performance and outcomes based on various assumptions that may or may not prove to be correct. There can be no assurance that iQor's views are accurate or will be realized. This press release includes forward-looking statements, which are inherently uncertain and based on assumptions that could change as a result of a number of factors, including, but not limited to, company operating performance, capital market risks, and general economic conditions. Past performance may not be indicative of future results. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend," "forecast," "foresee," "likely," "probably," "possibly" or similar expressions. Actual results and developments may be materially different from those expressed or implied by such statements. Accordingly, there can be no assurance that such forward-looking statements will be realized. The actual results may vary from the anticipated results and such variations may be material.
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