Brinks Home Security parent company to seek bankruptcy protection in deal with lenders

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One of the top providers of home security systems in the nation plans to file for Chapter 11 bankruptcy protection. Monitronics International Inc., the...

Brinks Home Security's headquarters is in Farmers Branch.One of the top providers of home security systems in the nation plans to file for bankruptcy protection next week, with a deal in place to eliminate about $500 million in debt.said this week that it reached an agreement

with its lenders and equity holders. It plans to file for voluntary Chapter 11 protection in federal court in the Southern District of Texas. “We are pleased to have reached an agreement with our lenders and shareholders to create a capital structure that is right-sized for our business model,” Monitronics Chief Executive Officer William Niles said in a statement.

As part of the restructuring, Monitronics’ largest lenders, global investment firm Monarch Alternative Capital LP and Invesco Senior Secured Management Inc., will become its new principal equity owners. The company says it will have about $600 million in financing when it exits bankruptcy protection around June 30.

 

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