BLUE BELL, PA: QualTek has hired C Street Advisory Group as a strategy and communications adviser after filing for Chapter 11 bankruptcy.
QualTek, which provides infrastructure services to the telecomms and renewable energy sectors, aims to reduce its debt by approximately $307 million and provide $40 million of new liquidity.
The Pennsylvania-based company expects “significant support” from its lenders throughout the process, including at least 85% of its secured debt holders and about 80% of its convertible noteholders. Management consultancy Alvarez & Marsal is serving as QualTek’s financial adviser.
“The transactions announced today will position our company to continue providing best-in-class service to our customers, remain a dedicated employer of our military veterans and build on our industry-respected track record,” QualTek CEO Scott Hisey said in a statement.
A QualTek representative could not be reached for additional comment; C Street declined further comment.
C Street specializes in special situations such as bankruptcies, restructurings and major transactions. The agency recently picked up work for Bang Energy parent Vital Pharmaceuticals.
Founded in 2012, QualTek has more than 65 operation centers across the U.S. and employs more than 5,000 people.