May 02, 2016 5:26 AM ET

Commercial Services and Supplies

Company Overview of Altegrity Holding Corp.

Company Overview

Altegrity Holding Corp., through its subsidiaries, provides security and information technology services. Altegrity Holding Corp. was formerly known as USIS Holding Corp. Altegrity Holding Corp. was incorporated in 2007 and is based in Falls Church, Virginia.

7799 Leesburg Pike

Suite 1100 North

Falls Church, VA 22043

United States

Founded in 2007

Phone:

703-448-0178

Fax:

703-448-1422

Key Executives for Altegrity Holding Corp.

Altegrity Holding Corp. does not have any Key Executives recorded.

Altegrity Holding Corp. Key Developments

Joint Reorganization Plan Approved for Altegrity, Inc.

The US Bankruptcy Court approved the joint plan of reorganization of Altegrity, Inc. on August 14, 2015. The debtor had filed its plan in the Court on March 30, 2015. As per the amended plan, allowed administrative claims, statutory fees of U.S. Trustee, Priority Wage Claims, professional compensation, priority tax claims and reorganizing debtors other priority claims shall be paid in full in cash. Liquidating debtors other priority claims shall receive their pro rata share of distributions in accordance with the payment waterfall. DIP Claims of $90 million shall be paid in cash in full and final satisfaction of the total claim. Secured second lien notes claims shall receive 96.91% of the debtor’s equity along with a pro rata share of the collateral proceeds and secured third lien notes of $5.07 million claims shall receive 1.98% of the debtor’s equity along with a pro rata share of the collateral proceeds. First lien notes claims of $825 million and first lien credit agreement claims shall be reinstated and lien claims shall be paid in full in cash. Liquidating debtors unsecured claims shall receive pro rata share of distributions of proceeds of collateral while reorganizing debtors unsecured claims shall receive pro rata share of the warrants. Operating Debtors Unsecured Notes Claims of $53 million having recovery of 5.4%, will get pro-rata share of new common stock pool of 1.11%. Another new class of Operating Debtors General Unsecured Claims of $10.50 million having recovery of 11.9%, will get pro-rata share of $1.25 million in cash. Second Lien Notes Deficiency Claims of $270.92 will be cancelled. Altegrity, Inc. junior subordinated notes claims shall be cancelled. Reorganizing debtors intercompany claims shall be reinstated. Interests in Altegrity Holding Corp. shall be cancelled while interests in the subsidiary debtors that are reorganizing debtors and interests in the liquidating debtors shall be reinstated. The plan shall be funded cash debtor’s cash in hand, sale of assets, new revolving credit facility and through issuance of new common stock.

Joint Reorganization Plan and Disclosure Statement Filed by Altegrity, Inc.

Altegrity, Inc., along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 30, 2015. As per the plan filed, allowed administrative claims, statutory fees of U.S. Trustee, professional compensation, priority tax claims and reorganizing debtors other priority claims shall be paid in full in cash. Liquidating debtors other priority claims shall receive their pro rata share of distributions in accordance with the payment waterfall. DIP Claims of $90 million shall be paid in cash in full and final satisfaction of the total claim. Secured second lien notes claims shall receive 98% of the debtor’s equity along with a pro rata share of the collateral proceeds and secured third lien notes claims shall receive 2% of the debtor’s equity along with a pro rata share of the collateral proceeds. First lien notes claims and first lien credit agreement claims shall be reinstated and lien claims shall be paid in full in cash. Liquidating debtors unsecured claims shall receive pro rata share of distributions of proceeds of collateral while reorganizing debtors unsecured claims shall receive pro rata share of the warrants. Altegrity, Inc. junior subordinated notes claims shall be cancelled. Reorganizing debtors intercompany claims shall be reinstated. Interests in Altegrity Holding Corp. shall be cancelled while interests in the subsidiary debtors that are reorganizing debtors and interests in the liquidating debtors shall be reinstated. The plan shall be funded cash debtor’s cash in hand, sale of assets, new revolving credit facility and through issuance of new common stock. The debtor filed revised plan of reorganization and related disclosure statement in the US Bankruptcy Court on May 12, 2015. As per the revised plan, new class of Priority Wage Claims will be paid full in cash. Operating Debtors Secured Second Lien Notes Claims will get pro-rata share of 96.91% of the new common stock and Operating Debtors Secured Third Lien Notes Claims will get 1.98% of the new common stock. Operating Debtors Unsecured Notes Claims of $53 million having recovery of 5.4%, will get pro-rata share of new common stock pool of 1.11%. Another new class of Operating Debtors General Unsecured Claims of $10.50 million having recovery of 11.9%, will get pro-rata share of $1.25 million in cash. Treatment of all the other classes of claims remain same as per the previous plan. The debtor filed a plan of reorganization and related disclosure statement in the US Bankruptcy Court on May 15, 2015. As per the plan filed, Secured Third Lien Notes Claims of $5.07 million will be settled by in exchange for 1.98%. First Lien Notes Claims of $825 million will be reinstated. Operating Debtors Unsecured Notes Claims of $53 million will get equity worth $2.85 million. Secured Third Lien Notes Claims of $5.07 million will get equity worth $5.07 million. Second Lien Notes Deficiency Claims of $270.92 will be cancelled. The treatment of all other claims remains unchanged.

Final DIP Financing Approved for Altegrity, Inc.

The US Bankruptcy Court gave an order to Altegrity, Inc. to obtain DIP financing on a final basis on March 16, 2015. As per the order, the debtor has been authorized to obtain a multi draw term loan in the amount of $90 million from second and third lien noteholders, including funds managed by Capital Research and Management Company, Third Avenue Management, Litespeed Management LLC and Mudrick Capital Management LP with Cantor Fitzgerald Securities acting as the administrative agent. The DIP loan would carry an interest rate of 12% p.a. paid in kind, along with an additional 2% p.a. cash interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The DIP facility would mature either on March 27, 2015 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $2.03 million towards unpaid professional fees/administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The DIP proceeds shall be used to pay off working capital expenses and fund operations. The Court had granted the debtor an interim approval to access $22.50 million as DIP financing on February 10, 2015.

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