Exela Technologies Restructures with Backing from Bondholders

Exela Technologies, a notable entity in the business process automation industry, finds itself undergoing significant financial restructuring as it navigates through chapter 11 bankruptcy proceedings. These proceedings, officially captioned as In re DocuData Solutions, Inc., are being managed in the United States Bankruptcy Court for the Southern District of Texas. The restructuring process targets the reorganization of $1.3 billion in funded debt. To facilitated this restructuring, SOLIC Capital Advisors is representing an ad hoc group of bondholders who have expressed their support by providing a new financing package. This package, a debtor-in-possession (DIP) facility, amounts to up to $80 million. Such a facility is crucial for Exela as it provides the necessary financial lifeline to maintain operations and stabilize the company during the bankruptcy process.