Prison-Phone Firm Aventiv to Explore Sale, Extend Debt Under New Deal
- Prison-phone firm to receive cash infusion under deal
- Company has been working for months to address debt load
The deal provides Aventiv an eight-month extension of more than $1 billion of debt that’s currently due in November.
Photographer: AmnajKhetsamtip/iStockphoto/Getty ImagesPlatinum Equity’s Aventiv Technologies reached a tentative deal with lenders that calls for the prison-phone company to sell itself sometime in the next year, according to a person with knowledge of the matter.
The deal — struck with its owner and a lender group holding almost all of the company’s secured debt — also provides Aventiv an eight-month extension of more than $1 billion of debt that’s currently due in November, according to the person, who asked not be be identified discussing a private matter.