Joele Frank, Wilkinson Brimmer Katcher is handling the Chapter 11 filing of Rural/Metro Corp., provider of private ambulance and fire protection services in about 700 communities in 21 states and corporate facilities operated by Citgo Petroleum, Bell Helicopter and FedEx.
Warburg Pincus, New York investment firm, bought the Scottsdale-headquartered operation in 2011 for $675M.
R/M said it filed the Aug. 4 restructuring program because its "capital structure was created under different economic circumstances, and making interest payment on the debt while at the same time investing in operations was more than the company’s earnings could support."
The company has reached an agreement with lenders to cut its debt in half, while receiving an infusion of $135M in new equity capital to fund operations.
JFWBK's Andy Brimmer, Andrew Siegel and Dan Moore are working the R/M reorganization.
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