Brookfield’s Altera Infrastructure Taps Counsel Amid Cash Crunch

Altera Infrastructure, an offshore energy services provider, is working with Kirkland & Ellis to help ease cash pressures, according to people with knowledge of the matter.

The company, which was previously known as Teekay Offshore Partners, last year suspended dividends and swapped almost $700 million of its existing bonds for new payment-in-kind notes due 2026 via an agreement with its sponsor Brookfield Asset Management. Altera said in a March 10 filing it still needs to raise more capital to meet financial needs and avoid breaching covenants.

Representatives for Altera and Kirkland & Ellis didn’t respond to requests seeking ...