Texas Lawbook note: Dallas-based Monitronics International – which is behind Brinks Home Security – filed for Chapter 11 bankruptcy on Monday in the U.S. Bankruptcy Court for the Southern District of Texas. Judge David Jones is presiding over the case.
Houston lawyers from Hunton Andrews Kurth and Latham & Watkins are advising Monitronics.
Tad Davidson of HuntonAK is leading a team that includes associates Ashley Harper, Edward Clarkson, Joshua Karam and Joseph Rovira. Davidson and Harper are also playing key roles in the Weatherford bankruptcy.
While the Latham team is led by New York partner David Hammerman, it includes Houston partners David Miller, Catherine Ozdogan and Jesse Myers.
Baker Botts is representing Ascent Capital Group, which owns Monitronics, in the bankruptcy. Lawyers from New York are leading the Baker Botts contingent, but the team includes a number of Texas attorneys. Houston partner Travis Wofford and Austin associates Jennifer Wu, Allison Lancaster and Michael Portillo are advising on corporate matters; Dallas partner Josh Mandell is offering tax expertise; and Houston partner Rob Fowler and Dallas associate Marian Fielding are providing employee benefits counsel.
Brian Womack of the Dallas Business Journal has the story:
A North Texas company in the home-security field is entering Chapter 11 bankruptcy.
Monitronics International Inc., the wholly owned subsidiary of Ascent Capital Group Inc. (Nasdaq: ASCMA), said Monday it had filed and that it hoped to emerge from bankruptcy within about 75 days. The company aims to eliminate about $885 million in debt at the company in Farmer’s Branch with the move. Monitronics, which is behind Brinks Home Security, has been bleeding money, losing more than $30 million in the latest quarter.
The company said the bankruptcy filing will let the company continue to provide its products without interruption. Monitronics counts about 900,000 residential and commercial customers.
As of March 31, Monitronics’ total debts were $2 billion and assets were $1.3 billion, the company said in a filing with U.S. Bankruptcy Court for the Southern District of Texas.
Monitronics announced in May it had an agreement that included a bankruptcy filing. As part of the move, Ascent Capital is merging into Monitronics.
For the full version of this story, please visit the Dallas Business Journal.