C1 Announces Plans for Prepackaged Financial Restructuring


Advanced technology and solutions company C1 has entered into an agreement with the majority of its lenders and certain other stakeholders to pursue a court-supervised financial restructuring. The agreement includes a reduction of approximately 80% of C1’s debt and $245 million in new equity commitments, which will significantly increase the company’s available liquidity. This move is aimed at supporting C1’s ongoing efforts to invest in business transformation and growth.

C1’s CEO, Jeffrey S. Russell, expressed satisfaction with the agreement, highlighting the company’s commitment to delivering excellence for their customers and partners. He emphasized the actions taken over the past year to position C1 for success and the strong financial foundation that is being established for the future. Russell also emphasized the confidence that stakeholders have in C1, attributing it to the company’s talented team, partnerships, and ability to deliver modernization and innovative outcomes.

To expedite the implementation of the agreement, C1 has filed a prepackaged Chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of Texas. However, C1 intends to continue operating its business as usual and provide the same level of service to customers. The company has secured commitments for new equity and debt financing, subject to court approval, and is actively seeking to pay vendors in full as part of the Chapter 11 proceedings.

C1 has filed customary motions to ensure uninterrupted operations during the financial restructuring. Legal advisor White & Case LLP, investment banker Evercore Group, L.L.C., and financial advisor AlixPartners LLP are assisting C1 in this process.

With over 6,000 customers worldwide, C1 is a global technology solution provider known for creating connected experiences that have a lasting impact. The company collaborates with Fortune 1000 companies, public sector organizations, and other global industry partners to deliver innovative and secure solutions.

C1 operates in the technology industry as a global technology solution provider. With over 6,000 customers worldwide, the company has established a strong presence and is known for creating connected experiences that have a lasting impact. C1’s collaborations with Fortune 1000 companies, public sector organizations, and global industry partners highlight its ability to deliver innovative and secure solutions.

The market forecast for the technology industry is promising, with continuous advancements and increasing demand for technology solutions across various sectors. The COVID-19 pandemic has further accelerated the digital transformation efforts of organizations, driving the need for advanced technology solutions.

However, the industry also faces several challenges and issues. Rapid technological advancements require companies like C1 to constantly innovate and stay ahead of the competition. Cybersecurity threats continue to pose a significant risk, with organizations seeking robust and secure solutions to protect their data and systems.

Market competition is intense, with numerous technology solution providers offering similar services. C1 will need to differentiate itself by delivering exceptional customer experiences, providing reliable and scalable solutions, and staying at the forefront of technological advancements.

For more information about the technology industry and market forecasts, you can visit reputable technology news websites like TechCrunch or ZDNet. These sources provide insights into the latest industry trends, emerging technologies, and market analysis.