Transworld Systems Recapitalization Complete; Debt Reduced by 91%

Transworld Systems Inc. (TSI) announced yesterday that it has completed a comprehensive financial restructuring of the Company's debt and equity.

According to the announcement, the recapitalization was implemented via a voluntary, out-of-court transaction and did not impact TSI's customers, operations, facilities, or employees.

The restructuring decreased the Company's outstanding debt by approximately $460 million, or 91%, through (i) an exchange of the Company's 9.5% Senior Notes due 2021 (the "Notes") for new debt and new common equity, (ii) a partial repayment and extension of the Company's revolving credit facility, and (iii) a $39 million equity capital injection into the Company.

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