TRGI in Restructuring and Recapitalization of Afiniti

Cleary Gottlieb represented The Resource Group International Inc. (TRGI) in an agreement to purchase second-lien convertible loans and accompanying equity in a backstopped rights offering relating to the Bermuda light-touch provisional liquidation of Afiniti Ltd. (Afiniti), which uses patented AI technology to pair participants in customer interactions based on how well they are likely to interact.

Vista Credit Partners led the restructuring for the lenders, which involved approximately $300 million of new second-lien notes and a revised capital structure.

A restructuring support agreement between the lenders and the company, and the backstop agreement, were executed on September 17, 2024, and joint provisional liquidators were appointed by the Bermuda Supreme Court on September 19, 2024. The Bermuda Supreme Court approved the restructuring on November 22, 2024, and the restructuring was recognized by the U.S. District Court for the District of Delaware on November 27, 2024. The restructuring transactions closed on December 3, 2024.  TRGI invested $15 million in new capital in connection with the restructuring.

Afiniti is a multinational data and software company. TRGI is an affiliated investment holding company, two of whose board directors continue to serve on the board following the restructuring.