My Alarm Center Files for Bankruptcy to Reorganize, Eliminate Debt
My Alarm Center, a provider in home security, announced that 100 percent of its senior lenders and other key stakeholders have agreed to support the company’s prepackaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The reorganization provides for elimination of approximately $235 million of legacy debt obligations. This will allow the company to focus on core competencies without the burden of servicing significant debt levels.