Aspect Software, a provider of software systems and equipment for call centers, has filed bankruptcy so it can reduce a $795 million debt burden that has limited its ability to invest in next-generation products and services.

In a Chapter 11 petition filed Wednesday, Aspect said a capital restructuring plan backed by its creditors would eliminate $320 million of second-lien debt and convert $60 million of first-lien debt into 100% of the reorganized company’s equity.

“By resetting our capital structure and dramatically improving our balance sheet, we will be well-positioned to compete over the long-term while continuing to accelerate investments in our product and service capabilities,” Aspect CEO Stew Bloom said in a news release.

Over the past three years, Aspect has invested $160 million in acquisitions, technology agreements and partnerships. It serves 2,200 call centers in more than 70 countries, generating annual sales of more than $400 million.

But in a bankruptcy court declaration, Bloom said staying on the “cutting edge of software solutions has been especially challenging given Aspect’s highly-leveraged capital structure,” which includes annual cash interest payments of approximately $34 million on about $475 million of first lien secured debt and about $320 million of second lien secured debt.

The chief executive noted that, as with other call-center software companies, Aspect has been shifting to cloud-based solutions, but has incurred downward revenue pressure in part because of the high costs of adapting to another technology platform.

Cloud revenue is also recognized over the period of the subscription contract, resulting in a deferred revenue backlog of more than $100 million, Bloom said.

The planned restructuring will bring Aspect out of Chapter 11 under the control of its lenders. Aspect said it expected the reorganization to be completed within 105 days.

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