Having emerged from Chapter 11 bankruptcy restructuring in January with new capitalization from its lenders, pay-TV installer UniTek Global Services exists as an operationally gutted company with an uncertain future.
A representative at the Blue Bell, Penn.-based company, who would only identify herself as Tina, told FierceInstaller that marketing, public relations and all other departments in the company's headquarters had been liquidated. She also said that recently named CEO John Haggerty was unavailable for comment, adding that the company might have information to share in several months.
New Mountain Finance, the company's majority owner who further invested in UniTek's post-bankruptcy recapitalization, has yet to respond to FierceInstaller's inquiries for comment and insight. DirecTV, UniTek's biggest pay-TV client, has also chosen to demur comment. However, a individual with knowledge of the satellite company's business said DirecTV continues to work with DirectSat USA, Unitek's satellite TV integration arm.
Last November, UniTek announced it would stay in business as it worked with its lenders and tried to restructure debt totaling $186 million versus assets of just $3 million. At the time, the company employed 3,200 workers and had installer contracts with Comcast (NASDAQ: CMCSA), DirecTV and AT&T (NYSE: T).
UniTek announced in January that it had emerged from Chapter 11 "with significantly less debt, supportive customers and vendors, and a focused strategy to provide infrastructure services to the satellite television, broadband cable, wireless telecommunications, transportation and public safety industries through its highly skilled technical workforce."
Haggerty was named interim CEO, replacing Rocky Romanella, who had guided the company through Chapter 11 proceedings. Under the Delaware U.S. Bankruptcy Court's reorg plan, New Mountain Finance, Littlejohn & Co. and UniTek's other lenders invested new capital into the installation company and modified interest rates.
- read this UniTek Global Services press release
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