Exela Units File for Bankruptcy in Texas to Restructure Debt (1)

Several units of Exela Technologies Inc. sought bankruptcy protection in Texas after the business process automation company reached a restructuring deal with bondholders.

The units, including the main debt-issuing arms of Exela, filed for Chapter 11 listing assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion. The bankruptcy process allows the Irving, Texas-based group to keep operating as it seeks approval for a restructuring plan.

Under a deal with an ad hoc group of bondholders of notes due 2026, the company will get $80 million of new money, the court papers show. After its ...