Alston & Bird has been recognized for its role in the workout of Black Box Corporation that was named “Out-of-Court Restructuring of the Year ($100MM or More)” by The M&A Advisor.
A digital technology company, Black Box had $600 million in revenues and was listed on the Nasdaq exchange when it was acquired in 2019 by Alston & Bird client AGC Networks Ltd, a global solutions integrator.
At the time of its acquisition, Black Box’s business was under pressure, with the company disclosing in a 2018 filing with the Securities and Exchange Commission that it might not be able to generate sufficient earnings to meet its debt covenants under its existing credit arrangements.
As part of the restructuring, Alston & Bird advised AGC Networks on a successful tender offer to acquire the publicly listed equity securities of Black Box, assisted in restructuring Black Box’s existing senior credit facility, and implemented a multijurisdictional asset-based credit facility providing for the refinancing of certain indebtedness of Black Box and for the ongoing liquidity needs to fund working capital.
Representing AGC Networks Pte Ltd in the out-of-court restructuring was an Alston & Bird team led by partners Justin Howard (Mergers & Acquisitions), Paul Hespel (Corporate Debt Finance), and John Weiss (Financial Restructuring & Reorganization).
Also involved were Alston & Bird partner Sarah Hess Mackenzie, counsel Alison LeVasseur, and associates John Schippert and Katie Wroten (Mergers & Acquisitions); senior associate David Rutherford (Corporate Debt Finance); senior counsel Jon Gordon (Technology); partner Blake MacKay and senior associate Fahad Saghir (Employee Benefits & Executive Compensation); partner Scott Harty and senior associate Danny Reach (Federal & International Tax); partner Jason Waite (International Trade & Regulatory); senior counsel Bert Bender (Real Estate & REITs); and partner Robert Long (Securities Litigation).
Founded in 1998, The M&A Advisor is one of the world’s premier leadership organizations for mergers and acquisitions, restructuring, and corporate finance professionals.