Yak Access LLC, a materials company majority-owned by private-equity firm Platinum Equity, is nearing a deal to restructure its balance sheet out of court, WSJ Pro Bankruptcy reported. Yak makes hardwood and composite mats for construction sites, serving the oil and gas pipeline, industrials, and renewables sectors. The company has been under financial pressure due to low activity in the market for pipeline construction, making it difficult to service its nearly $1 billion debt load. The Columbia, Miss.-based company has engaged with its lenders to iron out the terms of a restructuring agreement that would involve Platinum putting in some more money and lenders swapping their holdings into new facilities. Yak Access is represented by law firm Milbank LLP and financial adviser Houlihan Lokey Inc., while senior lenders are represented by law firm Akin Gump Strauss Hauer & Feld LLP. Platinum acquired a majority stake in Yak Access in 2018 from Jones Cos. and Beasley Forest Products, which still own a minority stake in the business.
