BLUE BELL, Pa., Nov. 5, 2014 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (OTC:UNTK), a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, announced today that it has received court approval of its First-Day Motions (the "Motions") at a hearing in the United States Bankruptcy Court for the District of Delaware (the "Court"). The approval of the Motions by the Bankruptcy Court completes an important step toward implementation of the previously announced prepackaged Chapter 11 Plan, which received unanimous support of the Company's lenders. It will help to ensure that UniTek's operations will continue smoothly and that it will be business as usual. The Company is now scheduled for a hearing in early December to approve its Restructuring Plan and to set an expedited schedule for the Company's emergence from Chapter 11.
In addition, the Company has received interim approval for post-petition financing, which will provide financing for working capital and for general corporate purposes.
"We are pleased with the Court's prompt approval of our Motions," said Rocky Romanella, UniTek's Chief Executive Officer. "The Court's action ensures that we will be able to maintain regular operations, while meeting our obligations to our suppliers and serving our customers as we work to realign our capital structure as expeditiously as possible."
About UniTek Global Services
UniTek Global Services is a leading provider of communications infrastructure solutions, leveraging a longstanding reputation for innovation and safety to connect individuals, businesses, government agencies and communities to the digital landscape. Contact us for ways we can help your business grow by visiting the UniTek website: www.unitekglobalservices.com.
The statements in this press release that are not historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts, including but not limited to statements regarding the progress of the Company's a voluntary petition for a Chapter 11 Bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, the associated proposed restructuring of the Company's capital structure, and their effect on the Company's operations and the Company's relationships with its vendors and customers. These statements are subject to uncertainties and risks including, but not limited to, the Company's ability to address issues arising from previously disclosed accounting-related matters, operating performance, general financial, economic, and political conditions affecting the Company's business and its target industries, the ability of the Company to perform its obligations under its contracts and agreements with customers, and other risks contained in reports filed by the Company with the Securities and Exchange Commission, included in our Form 10-K for the year ended December 31, 2013. The words "may," "could," "should," "would," "believe," "are confident," "anticipate," "estimate," "expect," "intend," "plan," "aspire," and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward looking statement, whether written or oral, which may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.
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Source:UniTek Global Services