- Critical milestone in reorganization reached
- $25 million in financing provided to grow the business
SCHENECTADY, N.Y.--(BUSINESS WIRE)-- Contec Holdings, LTD, (“Contec” or the “Company”) the market leader in repair and refurbishment of customer premise equipment for the cable industry, today announced that the U.S. Bankruptcy Court for the District of Delaware confirmed the Company’s Plan of Reorganization (the “Plan”).
“This was the critical milestone in our reorganization process,” commented Lawrence Young, Interim Chief Executive Officer of Contec. “With the support of our lenders, we were able to reduce our debt by over $250 million and obtain an incremental $25 million in financing, to aggressively pursue growth opportunities.”
“Day-to-day operations have not been impacted by this process, and our customers, employees and suppliers have been extremely supportive of us during this period,” said Wes Hoffman, Chief Operating Officer of Contec. “We stake our reputation every day on being the industry leader in providing repair and logistics solutions for our customers while saving time, improving quality and reducing cost.” Hoffman continued, “We look forward to aggressively pursuing our growth plans and strategic partnerships to expand into a more diverse menu of service offerings.”
Additional information about the reorganization is available at www.contecinfo.com or through the Company’s restructuring hotline at 1.888.369.8912.
Contec is the market leader in the repair and refurbishment of customer premise equipment for the cable industry. The Company repairs over 2 million cable set top boxes annually, while also providing logistical support services for over 12 million units of cable equipment annually. Contec is headquartered in Schenectady, NY. Learn more at www.gocontec.com.
For Contec Holdings, LTD
Alex DeLay, 972-764-2105
Source: Contec Holdings, LTD