AgileThought Announces Strategic Financial Restructuring to Strengthen Financial Future
28 Agosto 2023 - 1:13PM
AgileThought, Inc. (“AgileThought” or the “Company”), a global
provider of digital transformation services, agile software
development, and next generation technology solutions, today
announced additional working capital funding, a go-private
transaction, and restructuring that, combined, will reduce the
Company’s debt load, infuse new capital into the business, and
provide a firm financial foundation for its future. This
transaction is underpinned by an asset purchase agreement with
affiliates of Blue Torch Finance, LLC (“Blue Torch”), the Company’s
senior secured lenders, and marks a pivotal step in AgileThought’s
journey towards long-term success and enhanced service delivery.
To support the restructuring process, Blue Torch
has agreed to provide approximately $22 million in new-money
financing (subject to court approval), which will ensure
AgileThought's high-quality standards, services, and commitment to
its people will remain steadfast and uninterrupted. The day-to-day
operations of the company will continue seamlessly, without
disruption.
To ensure a smooth transition and protection for
all stakeholders, AgileThought will effectuate the transaction
through a 90-day Chapter 11 reorganization process under the U.S.
Bankruptcy Code. This proven mechanism will allow the Company to
execute the transaction and efficiently reorganize its finances,
reduce its debt, and emerge with a healthier balance sheet.
A Blue Torch affiliate has agreed to serve as the
stalking-horse buyer of substantially all of AgileThought’s assets,
subject to higher or better offers. The proposed transaction is
subject to court approval, and other customary conditions.
Manuel Senderos, Chief Executive Officer of
AgileThought, emphasized, "We are excited about this transaction
and what it means for our enhanced ability to deliver for our
clients, people, and partners. This strategic financial
reorganization will pair our already robust and thriving
organization with a capital structure that matches, and this move
will allow us to operate even more efficiently.
Post-reorganization, we will emerge with significantly reduced debt
and a private ownership structure, fortifying an even stronger and
healthier AgileThought. The Company thanks Blue Torch for its
continued support of the business and our future, and welcomes its
continued partnership. "
Clients have always been the cornerstone of
AgileThought's success. The Company assures its valued clients that
its dedication to delivering top-tier services remains unwavering.
This financial restructuring is anticipated to further enhance the
services and support clients have come to expect from AgileThought.
The AgileThought team remains committed to best-in-class support
and continued transparency throughout the reorganization
process.
Additional information is available on the
Company's website, https://agilethought.com/. Court filings and
other information related to the proceedings are available on a
separate website administrated by the Company's claims agent,
Kurtzman Carson Consultants LLC (“KCC”), at
www.kccllc.net/AgileThought; by calling KCC at (866) 548-5856, or
(781) 575-2073 for calls originating outside of the U.S. and
Canada; or by emailing AgileThoughtInfo@kccllc.com.
Hughes Hubbard & Reed LLP and Potter Anderson
& Corroon LLP are serving as legal advisor to AgileThought,
Teneo Capital LLC is serving as financial advisor, and Guggenheim
Securities, LLC is serving as investment banker.
Ropes & Gray LLP and FTI Consulting are serving
as legal and financial advisors to Blue Torch.
About AgileThought:AgileThought is a pure play
leading provider of agile software development at scale, end-to-end
digital transformation and technology consulting services with
diversity across markets and industries. For years, Fortune 1000
companies have trusted AgileThought to solve their digital
challenges and optimize mission-critical systems to drive business
value. AgileThought’s solution architects, cloud specialists, data
& AI scientists, engineers, transformation consultants,
automation specialists, and other experts located across the United
States and across Latin America deliver next-generation software
solutions that accelerate digitization across the enterprise.
About Blue Torch:Blue Torch Capital is a US middle
market direct lender providing bespoke credit solutions to
stakeholders and management teams of companies requiring capital
support for growth, acquisitions, operational challenges and
financial distress. Blue Torch has deployed more than $6.9BN of
capital across 114 transactions.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The Company’s
actual results may differ materially from those anticipated in
these forward-looking statements as a result of certain risks and
other factors, which could include the following: risks and
uncertainties relating to the Company’s chapter 11 cases (the
“Chapter 11 Case”), including but not limited to, the Company’s
ability to obtain Bankruptcy Court approval with respect to motions
in the Chapter 11 Case, the effects of the Chapter 11 Case on the
Company and on the interests of various constituents, Bankruptcy
Court rulings in the Chapter 11 Case and the outcome of the Chapter
11 Case in general, the length of time the Company will operate
under the Chapter 11 Case, risks associated with any third-party
motions in the Chapter 11 Case, the potential adverse effects of
the Chapter 11 Case on the Company’s liquidity or results of
operations and increased legal and other professional costs
necessary to execute the Company’s reorganization; the conditions
to which the Company’s cash collateral is subject and the risk that
these conditions may not be satisfied for various reasons,
including for reasons outside of the Company’s control; the
consequences of the acceleration of the Company’s debt obligations
and the trading price and volatility of the Company’s common
stock. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including risks and uncertainties set forth in the
sections entitled “Risk Factors” in the Company’s Annual Report for
the year ended December 31, 2022 filed with the Securities and
Exchange Commission (the “SEC”) on March 13, 2023, the Company’s
Quarterly Report for the three months ended June 30, 2023 filed
with the SEC on August 14, 2023, or the Company’s other filings
with the SEC. The forward-looking statements included in this press
release speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and the Company assumes no obligation and does not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. The Company does not
give any assurance that it will achieve its expectations.
Press Contact:Mariana FrancoInvestor
Relationsinvestorrelations@agilethought.com
AgileThought (NASDAQ:AGIL)
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