GC Services’ Holding Company Gets $117 Million Debt Cut Approved

A bankrupt holding company for staffing provider GC Services won court approval of its pre-negotiated reorganization plan to slash an estimated $117 million worth of funded debt.

A voting class of term loan creditors unanimously accepted holding company ORG GC Midco LLC’s Chapter 11 plan. Those creditors will receive all of the reorganized business’s equity, plus $100 million in reinstated debt, according to the plan approved Monday.

Judge Marvin Isgur also approved ORG’s $6 million exit financing loan from Goldman Sachs Specialty Lending Group LP.

Upon completion of the plan, ORG will have access to a refinanced $40 million asset-based ...