Altegrity’s Plan Approved Under Cramdown Procedures

Altegrity Inc., a provider of background investigations for the U.S. government, got the signature of the bankruptcy judge on an Aug. 14 confirmation order approving its Chapter 11 reorganization plan (In re Altegrity Inc., Bankr. D. Del., 15-10226, plan confirmed 8/14/15).

The reorganization was largely negotiated before the bankruptcy filing in February with holders of 78 percent of the first-lien debt and about 95 percent of second- and third-lien notes. The plan reduces debt by 40 percent, or $700 million.

Altegrity needed a financial restructuring after the government cut off background-check work when the company’s computers were ...