Deals
Clover Technologies to Explore Strategic Options as Contracts Shrink
- Kirkland & Ellis and Jefferies are brought in as advisers
- Loan plunges as company invites creditors to get organized
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The value of 4L Technologies Inc.’s debt plunged after the recycler of inkjets and mobile phones disclosed cutbacks by two customers and hired advisers to consider strategic options.
The company, which operates under the name Clover Technologies Inc., brought in law firm Kirkland & Ellis LLP and investment bank Jefferies LLC to evaluate balance sheet alternatives and strategic options, according to people with knowledge of the matter. They cited a July 9 preliminary earnings report that cut guidance and invited lenders to organize and hire their own advisers. The people asked not to be identified discussing the confidential report.