Expects to Emerge from Court-Supervised
Process in the Coming Days with Enhanced Financial Flexibility to
Invest in Transformation and Growth of the Business
BLOOMINGTON, Minn., May 23, 2024
/PRNewswire/ -- C1, an advanced technology and solutions company,
today announced that the U.S. Bankruptcy Court for the Southern
District of Texas has confirmed
the Company's Financial Restructuring Plan. C1 expects to
successfully complete its financial restructuring and emerge from
the court-supervised process in the coming weeks.
Jeffrey S. Russell, Chief
Executive Officer of C1, said, "We are pleased to have reached this
critical milestone, bringing us one step closer to completing this
process and moving forward focused as ever on delivering continued
excellence for customers and partners. We are deeply grateful for
the strong support from our financial stakeholders, which has
enabled us to achieve this outcome on an expedited basis."
Russell continued, "I also want to express my sincere
appreciation to our team members for their tireless hard work and
dedication to serving our customers, allowing us to continue
operating smoothly during this process. We look forward to emerging
as an even stronger company with significantly reduced debt levels
and a robust liquidity profile, well-positioned to invest in C1's
growth and transformation."
Additional information is available at C1neXt.com. Court filings
and information regarding the claims process are available at
https://dm.epiq11.com/c1, by calling the Company's claims and
noticing agent, Epiq, at 877-295-6914 (toll-free in the U.S.) or
+1-971-290-2761 (for international calls), or by sending an email
to C1-Info@epiqglobal.com.
Advisors
White & Case LLP is serving as legal advisor, Evercore
Group, L.L.C. is serving as investment banker, and AlixPartners LLP
is serving as financial advisor to C1.
About C1
C1, the global technology solution provider elevating connected
human experiences, is transforming the industry by creating
connected experiences that make a lasting impact on customers, our
teams, and our communities. More than 6,000 customers use C1 every
day to help them build meaningful connections through innovative
and secure experiences. C1 collaborates with many of the Fortune
1000 companies and public sector organizations along with other key
global industry partners to deliver solutions with a total
lifecycle approach. C1 employs more than 1,000 engineers who
collectively hold thousands of industry certifications throughout
North America and India, including three Customer Success
Centers. Learn more at onec1.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts,
included in this filing that address activities, events or
developments that the Company expects, believes, targets or
anticipates will or may occur in the future are forward-looking
statements. Forward-looking statements include statements preceded
by, followed by or that include the words "may," "could," "would,"
"should," "believe," "expect," "anticipate," "plan," "estimate,"
"target," "project," "intend," "forecast," "foresee," "likely,"
"probably," "possibly" or the negative thereof or other variations
thereof or other comparable terminology. Examples of such forward
looking statements include, but are not limited to, statements
regarding the Company's financial results, expected motions to be
filed in the Chapter 11 proceeding and the dispositions of such
motions, continued operations and customer and supplier programs
while in a Chapter 11 proceeding, cash needed to support our
operations while in a Chapter 11 proceeding, ability to lower debt
and interest payments, ability to operate while in a Chapter
11 proceeding, ability to pay our creditors, credit rating, among
others. While we believe these expectations, assumptions, estimates
and projections are reasonable, such forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond our control, including, but
not limited to: the actions and decisions of our creditors and
other third parties with interests in the Chapter 11 cases; our
ability to maintain liquidity to fund our operations during the
Chapter 11 cases; our ability to obtain Bankruptcy Court approvals
in connection with the Chapter 11 cases; our ability to consummate
any transactions once approved by the Bankruptcy Court and the time
to consummation of such transactions; adjustments in the
calculation of financial results for the quarter or year end, or
the application of accounting principles; discovery of new
information that alters expectations about financial results or
impacts valuation methodologies underlying financial results; and
other factors affecting the Company detailed from time to time.
These and other important factors may cause our actual results or
developments to differ materially from the expectations expressed
or implied in the forward-looking statements. Readers of this
press release are cautioned not to place undue reliance on such
forward-looking statements, including C1's forecasts, and no
assurance can be given that any of such statements will prove to be
correct.
Contacts
C1
Kim Espinosa
Media Relations Manager
kespinosa@onec1.com
Joele Frank
Michael Freitag / Viveca Tress / Carleigh
Roesler
212-355-4449
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SOURCE C1