We are advising an ad hoc group of lenders in connection with TPx’s chapter 11 proceedings


 

On September 2, 2026, TPx’s plan of reorganization, which Davis Polk played a leading role in structuring and negotiating, was confirmed during a contested confirmation hearing by the Hon. Alfredo Pérez of the Bankruptcy Court for the Southern District of Texas.

The plan eliminates nearly $1 billion of prepetition funded debt and provides for a new first lien exit facility in an aggregate amount of approximately $54.1 million, payment in full in cash of certain elected claims rolled under the debtor-in-possession facility and new preferred equity interests, consisting of up to $51.6 million in tranche A preferred equity interests and $9.8 million in tranche B preferred equity interests.

TPx is a leading nationwide managed service provider for cybersecurity, networks and cloud communications that reduce risk and maximize the value of IT investments, serving approximately 11,000 customers across all 50 states.

The Davis Polk restructuring team includes partners Damian S. Schaible and Natasha Tsiouris, counsel Michael Pera and David Kratzer and associates Kyle Kreider, Naomi R. Philhower and Olive Monye. The finance team includes partner Jon Finelli and associates Christopher Martin and Benjamin J. Carlin. Counsel Joseph Luizzi is providing capital markets advice. Partner Corey M. Goodman is providing tax advice. The mergers and acquisitions team includes partner Leonard Kreynin and counsel Jacob S. Kleinman. All members of the Davis Polk team are located in the New York office.

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