In 2014, Kaye Scholer represented Deutsche Bank Trust Company Americas together with a group of lenders including Eaton Vance, Credit Suisse, Invesco and Oppenheimer Funds in the massive restructuring of the IAP Worldwide Services. These IAP Worldwide Services’ restructuring are the first of their kind for a defense contractor.
IAP owed around $354 million to its customers, the first lien and second lenders about $125 million. The immense restructuring featured the conversion of 80% of the first lien debt into new equity of the IAP. A buy-out of the second lien debt involved the formation of a $50-million revolving loan together with a letter of credit facility, amendment, and restatement of the existing loan terms.
The restructuring affected five of the lenders’ offices and more than 45 Kaye Scholer’s lawyers. Being part of the reorganization, the new ownership group rebranded to IAP Global Services, LLC and became the holding company of IAP. It also appointed a new board of management that possesses a long and illustrious track record in IAP Worldwide Services’ principal US government services.
Admiral (Ret.) William Flanagan admitted that he was pleased to lead a great firm with a fulfilling history of service to the US government. Flanagan looked forward to cooperating with a strong board constitution to maintain the confidence as well as the long-term support of their clients, employees, and investors. The main aim was to offer excellent services to the Energy, Departments of Defense, State and allied clients like NATO, NASA, NOAA as well as the entire intelligence community.
About IAP Worldwide Services
The IAP Worldwide is a leading global contractor that offers a broad range of services and solutions to the US government together with other multi-national government organizations. IAP Worldwide is a world-class leader in providing seasoned program management services. IAP weighs and combines its potential to offer safe, innovative and reliable solutions to meet its client’s varied and complex needs.
The IAP Worldwide Services headquarters are situated in Cape Canaveral, Florida though it operates in over 120 locations worldwide. The mega company also has offices located in Panama City. IAP Worldwide Services usually offers world-scale facility management services, contingency support, technical services and other support solutions to the US military, humanitarian organizations, governmental agencies, and other commercial enterprises. The mega company was previously owned by the Cerberus and offered support to the US Military during the Operation Iraqi Freedom as well as Operation Enduring Freedom in Afghanistan.