We advised Ingenovis Health in connection with the restructuring

Davis Polk advised Ingenovis Health, Inc., a portfolio company of Cornell Capital and Trilantic North America, and certain of its subsidiaries, on a comprehensive restructuring transaction, including $100 million new money investment from Cornell Capital and Trilantic North America in exchange for newly issued preferred equity interests, $100 million paydown and subsequent cancellation of the existing first-lien facility comprised of a $725 million term loan facility and a $85 million revolving facility, entry into a new $275 million take back first-lien credit facility, and issuance of $30 million in preferred equity interests offered to all existing first-lien lenders.

The comprehensive restructuring transactions were supported by 100% of the existing first lien lenders and result in a reduction of over $500 million of existing first- lien debt.

Ingenovis Health is an integrated healthcare talent ecosystem that delivers customized workforce solutions, talent operations and critical clinical staff to hospitals, health systems, and healthcare facilities nationwide. Through a family of specialized workforce solution brands—including Trustaff, Fastaff, HealthCare Support, USN, VISTA Staffing, Springboard Healthcare and VitalSolution—as well as a customized consultancies Corazon and Ingenovis Talent Operations (ITO), Ingenovis provides purpose-driven workforce solutions across the United States.

The Davis Polk restructuring team included partners Brian M. Resnick and Angela M. Libby and associates Andrew Frisoli, Moshe Melcer, Tashanique (Tasha) Brown and Naomi R. Philhower. Partner Jack Orford, counsel Esam (Esamadeen) Ibrahim and associates Eric Cummings and Benjamin Titlebaum provided finance advice. Partners William J. Chudd and Darren M. Schweiger and associate Merrik (Alex) Sanders provided M&A advice. Counsel Brian Hecht provided capital markets advice. Partner Ethan R. Goldman provided tax advice. Members of the Davis Polk team are based in the New York office.

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