CVC-Backed ConvergeOne Cleared To Seek Quick Chapter 11 Exit

Cloud computing and networking provider ConvergeOne won court approval for an expedited Chapter 11 case after striking a restructuring deal backed by most of its lenders and private equity owner CVC Capital Partners.

• Judge Christopher Lopez agreed Thursday to hold a hearing next month to consider approving C1’s restructuring plan designed to trim $1.6 billion in debt and provide funding through new equity and debt commitments
  • The company, which filed Chapter 11 earlier on Thursday, renamed itself C1 in October
• C1’s restructuring plan is backed by CVC as well as funds Silver Point Capital and Monarch Alternative Capital for ...