Private-equity-backed iQor Holdings Inc., which provides businesses with call centers and collections services, has filed for bankruptcy with a creditor-supported plan to cut about $513 million in debt and hand the business to lenders, <em>WSJ Pro Bankruptcy</em> reported. The St. Petersburg, Fla., company and its U.S. subsidiaries, hobbled by more than $865 million in long-term debt, filed for protection yesterday in the U.S. Bankruptcy Court in Houston with a pre-packaged chapter 11 plan. Its backers include HGGC LLC, a Palo Alto, Calif.-based private-equity firm co-founded by retired football quarterback Steve Young; New York-based TRG Management LP; and Starr Investment Holdings, which has offices in New York and Nashville, Tenn. The company’s international operations aren’t included in the bankruptcy. Under the plan, lenders have agreed to swap out senior and junior loans for equity in the reorganized business. The company has lined up $130 million in bankruptcy financing and said it expects to refinance with a new $80 million exit facility and new exit term loan of as much as $97.5 million.
