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Big Law

Monitronics Alarms Files For Ch. 11 to Cut $1.8B Debt

Alarm system provider Monitronics has filed bankruptcy to implement a restructuring plan that would reduce its $1.8 billion debt burden by nearly half.

The plan negotiated with creditors would eliminate $885 million of debt, including the $585 million principal amount of senior unsecured notes, which will be converted to equity.

Lenders have also agreed to provide Monitronics with $245 million in financing to keep it operating during the Chapter 11 process and $295 million in exit financing at the completion of the reorganization.

Monitronics, a subsidiary of Ascent Capital Group, provides monitored home and business alarm systems to about 922,000 customers under the Brinks Home Security brand. It has an exclusive, long-term licensing agreement with Brinks Co.

Read the source article at nasdaq.com

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