Tom Gores’ Aventiv to Explore Sale, Extend Debt Under Deal (1)

Platinum Equity’s Aventiv Technologies reached a tentative deal with lenders that calls for the prison-phone company to sell itself sometime in the next year, according to a person with knowledge of the matter.

The deal — struck with its owner and a lender group holding almost all of the company’s secured debt — also provides Aventiv an eight-month extension of more than $1 billion of debt that’s currently due in November, according to the person, who asked not be be identified discussing a private matter.

Platinum and the lenders will give Aventiv an additional $40 million of capital in ...