Clover Technologies Group lenders have hired law firm Jones Day after one of the mobile phone refurbisher’s biggest customers said it was taking the bulk of its business elsewhere, the Wall Street Journal reported. Jones Day, which often represents creditors of struggling companies, will advise the group on pending discussions regarding restructuring some $650 million of the company’s debt. Clover Technologies refurbishes and recycles electronic equipment. Last week, its parent, 4L Holdings Corp., disclosed to investors that one of the largest customers of its wireless division has “decided to fulfill requirements for refurbished older units by purchasing them directly from the OEM [original equipment manufacturer] rather than having them refurbished by Wireless and other vendors.” Clover, which is based in Illinois and is owned by private-equity firm Golden Gate Capital, didn’t name the customer in the disclosure. However, two of the sources said it was AT&T. In addition to the loss of business from AT&T, Clover said it expected a loss of business from a customer of its imaging business.
