"Office Properties Income Trust Announces Debt Restructuring and Chapter 11 Filing to Deleverage Balance Sheet"

"Office Properties Income Trust (OPI) has entered into a Restructuring Support Agreement with certain holders of its senior secured notes to address over $2 billion in debt and improve its financial structure. The plan includes converting approximately $1 billion of existing notes into equity and securing $125 million in new financing to enhance liquidity. To implement the restructuring, OPI has filed for Chapter 11 bankruptcy in Texas, aiming to continue normal business operations while reducing debt. Latham & Watkins LLP is leading the legal representation for OPI during this process."

Latham & Watkins LLP is representing Office Properties Income Trust (OPI) in its restructuring process, assisting the company in addressing its financial obligations. OPI has entered into a Restructuring Support Agreement (RSA) with an ad hoc group of holders of its senior secured notes due September 2029 to restructure over US$2 billion in total debt obligations. The restructuring includes equitizing approximately US$1 billion of existing notes, reducing debt service obligations, and improving liquidity while maintaining normal business operations. To implement the restructuring, OPI and certain subsidiaries have filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas, Houston. Additionally, OPI has secured a commitment for US$125 million in debtor-in-possession financing from the September 2029 Ad Hoc Group. The Latham & Watkins team representing OPI is led by Restructuring & Special Situations partners Ray C. Schrock, Andrew M. Parlen, and Anu Yerramalli, supported by the firm’s corporate, finance, litigation, real estate, and insurance teams.

"Office Properties Income Trust Announces Debt Restructuring and Chapter 11 Filing to Deleverage Balance Sheet"

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