Alkegen — Bankruptcy QuickTake — Prepack would slash $2.9bn net debt as lenders including Oak Hill and Apollo take ownership
Alkegen, a global manufacturer of thermal management, filtration, emissions-control and battery fire-protection products, filed a prepackaged Chapter 11 on 26 July. The filing implements a restructuring that will eliminate approximately $2.9bn of funded debt and transfer ownership of the company to its first lien creditors, according to the first day declaration of CEO Brian Whittman. The first lien creditor group includes Oak Hill Advisors and Apollo, traced back to the $2bn private credit facility in 2024, as reported by 9fin. At the time, Oak Hill put out its own press release stating how it was the largest lender under the new facility.
