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Platinum’s Yak Access Lenders Tap Evercore Amid Liquidity Fears

Oct. 5, 2021, 7:23 PM

A group of first-lien lenders to Yak Access are working with investment bank Evercore to help navigate the mat supplier’s weak earnings and liquidity pressures, according to people with knowledge of the situation.

The ad hoc group has been getting legal advice from Akin Gump Strauss Hauer & Feld, as reported by Bloomberg. A representative for Evercore declined to comment.

The lenders’ mobilization came after Yak reported double-digit declines in its profit and revenue for the second quarter. The Platinum Equity-backed company, which mainly serves midstream pipeline and utility clients, suffered from delays and loss of projects.

Yak also ...