QualTek Services Inc.: going-concern / distress — QualTek Chapter 11 Plan Confirmed; Emergence Expected July 14; Equity Canceled

QualTek Services Inc.

Bankruptcy Court confirmed Plan on June 30, 2023; effective date expected around July 14, 2023.
Existing Class A and Class B common stock and warrants canceled; equity holders receive no recovery.
Total assets approx. $599.6M, total liabilities approx. $779.4M as of June 30, 2023.
CEO Hisey entered letter agreement to continue beyond July 18 via 30-day extensions at same base comp.
Exit financing includes $25M first lien term loans from post-petition term loan lenders.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

QualTek Services Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-05-24).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2023-05-24

Exact text from the filing

On May 24, 2023, QualTek Services Inc. (the “Company”) and certain of its subsidiaries (collectively with the Company, the “Debtors” or the “Company Parties”) commenced voluntary cases (the “Chapter 11 Cases”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0001104659-23-079190

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