💥New Chapter 11 Bankruptcy - Dynata LLC💥

Global data platform files prepackaged bankruptcy to shed 40% of its debt.

On May 22, 2024, Connecticut-based Dynata LLC and 18 affiliates (the “debtors”) filed prepackaged chapter 11 cases in the District of Delaware (Judge Horan) with $1.42b in funded debt and a restructuring support agreement (“RSA”) backed by holders of more than 67% of the debtors’ revolver, first-lien and second-lien term loans. Looming maturities on those facilities — June 14, 2024 for the revolver, Dec. 20, 2024 for the first lien and Dec. 20, 2025 for the second — were among the triggers for the filing. The RSA is particularly friendly to the first-lien lenders — an ad hoc group is represented by Gibson Dunn & Crutcher LLP (“Gibson Dunn”) and PJT Partners LP ($PJT)  – who are also serving as backstop parties (with a healthy premium) to a $31.5mm DIP.