$1.1 Billion Chapter 11 Restructuring
GLC served as the exclusive financial advisor to the Crossover Group
Carestream Health (“Carestream”), a leading global provider of medical imaging systems and non-destructive testing, successfully completed a recapitalization through an expedited “prepackaged” Chapter 11 reorganization. Upon consummation of the transaction, Carestream eliminated approximately $470 million of its more than $1 billion of prepetition debt, significantly strengthening its balance sheet, and enhancing flexibility to execute on strategic priorities. GLC served as Financial Advisor to an ad hoc group of first and second lien lenders (the “Crossover Group”) to Carestream holding more than 70 percent of the first lien claims and more than 99 percent of the second lien claims. The plan was fully consensual and was supported by an $80 million new money investment by certain members of the Crossover Group and other prepetition lenders.
GLC Healthcare Coverage Overview:
GLC brings a distinctive and dedicated approach to coverage of the Healthcare sector. Our professionals have advised on a range of complex transactions including M&A, debt financing and restructuring & recapitalizations, and our institutional knowledge spans the full spectrum of sub-sectors in this constantly evolving industry.
Our clients include corporations, creditors, entrepreneurs, and financial sponsors.
|GLC Transaction Team:|
Alex Geier / Managing Director
Alex.Geier@glca.com / 212.542.4558
Sean Cannon / Managing Director
Sean.Cannon@glca.com / 212.542.4542
Michael Sellinger / Managing Director
Michael.Sellinger@glca.com / 212.542.4545
Adam Kelly-Penso / Vice President
Adam.KellyPenso@glca.com / 212.600.2408
Anuj Patel / Analyst
Anuj.Patel@glca.com / 212.600.2424
GLC Advisors & Co.
GLC Advisors & Co. delivers objective, senior-level expertise to clients through a variety of advisory assignments including: mergers & acquisitions, equity and debt capital advisories, restructurings/recapitalizations, fairness opinions, and valuations. Offices are located in New York, Denver, Los Angeles and San Francisco. For more information, visit www.glca.com.