NAPLES — Allen Systems Group took just two months to file and exit from bankruptcy reorganization.
The software company based in Naples completed a financial restructuring that slashed long-term debt by 60%. That allows the firm to continue in business two months after it filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Delaware, the company announced.
“Our emergence from Chapter 11 marks the start of a new beginning for our company,” says John DiDonato, president of ASG, in a statement. “As a result of the financial restructuring, we now have a more serviceable level of debt and the capital to sustainably operate, invest in, and grow the business.”
ASG helps companies manage large amounts of data. Customers include American Express, Coca-Cola and Merrill Lynch. The company has more than 1,000 employees at its headquarters in Naples and in offices around the world.
ASG is now owned by funds managed by or affiliated with KKR Credit Advisors, an affiliate of Kohlberg Kravis Roberts; Franklin Square Capital Partners; Blackstone's credit arm GSO Capital Partners; Ellis Lake Master Fund; Cetus Capital; Stone Lion Portfolio and other institutional investors.
“We believe this restructuring will create significant value for ASG customers, business partners and employees,” says Nikhil Srivastava, director of Kohlberg Kravis Roberts, in a statement. “ASG has built strong customer equity through its IT solutions, and we are optimistic about future growth as the company continues to deliver superior IT products.”