Altera Infrastructure executes Restructuring Support Agreement with majority of secured lenders, enters Chapter 11 to strengthen capital structure and position for long-term growth
The terms of the RSA establish the framework for a consensual and comprehensive financial restructuring that will deleverage Alteras balance sheet and best position Altera for long-term growth and success.
- The terms of the RSA establish the framework for a consensual and comprehensive financial restructuring that will deleverage Alteras balance sheet and best position Altera for long-term growth and success.
- To implement the balance-sheet restructuring, Altera has commenced a Chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas.
- In addition, Altera has obtained a commitment from Brookfield for a $50million debtor in possession financing to help fund Alteras restructuring process and ensure ordinary course operations remain unimpaired during the Chapter 11 process.
- Ingvild Sther, Chief Executive Officer of Altera Infrastructure Group Ltd., commented: We enter into this phase of our balance-sheet restructuring with the support of the majority of Alteras secured lenders and equity sponsor Brookfield.