RentPath Inc., the operator of a number of rental websites, has hired restructuring advisers to work on a balance sheet overhaul, WSJ Pro Bankruptcy reported. The private-equity-backed company, which operates the real-estate websites ApartmentGuide.com, Rentals.com, and Rent.com., is looking to restructure more than $650 million of debt out of court. However, a potential bankruptcy filing is also on the table. RentPath’s business has been hurt by increased competition from rival websites. The company, which is owned by TPG Capital and Providence Equity Partners LLC, has hired investment bank Moelis & Co. as financial adviser and law firm Weil Gotshal & Manges LLP as restructuring counsel, the people said. Meanwhile, a group of lenders has hired Houlihan Lokey Inc. as an adviser. RentPath’s debt has sagged recently as the restructuring looms. The company’s $490 million senior term loan is trading at around 49 cents on the dollar, while its $170 million junior loan is trading at just 6 cents, according to IHS Markit.
