Platinum-Backed Aventiv Agrees to Hand Control to Creditors

Platinum Equity-backed prison phone company Aventiv Technologies has agreed to hand over control to creditors in exchange for equitizing first-lien debt, according to people familiar with the matter.

• As part of the restructuring plan, Aventiv will get a new $360 million loan, said the people, who asked not to be identified discussing a private matter
  • That loan along with $25 million in escrow cash, will be used to repay $205 million of revolving credit facility borrowings and put balance sheet cash levels at $148 million, according to a document seen by Bloomberg
  • Part of the loan proceeds will also help ...