Austin, Texas – – September 07, 2026 -- The U.S. Bankruptcy Court for the Southern District of Texas has confirmed TPx's Plan of Reorganization, clearing the managed services provider to emerge from Chapter 11 with a lighter debt load and fresh capital access.
Court confirmation sets up new ownership structure for TPx
Under the confirmed Plan, a group of investors comprising TPx's existing lenders and its equity sponsor will become the company's new owners once regulatory approvals and customary closing conditions are satisfied. The group will also provide new financing, leaving TPx well capitalized upon emergence.
Company points to EBITDA and free cash flow gains as balance sheet improves
TPx said the restructured capital structure will let it build on continued EBITDA and free cash flow growth while increasing investment in the business. CEO Shaun Andrews said confirmation of the Plan "marks a major step for TPx and clears the way for the company's next phase," crediting employees, customers, channel partners and lenders for reaching the milestone.
Operations continue without disruption for customers and partners
TPx said it continues to operate as usual, delivering managed IT services and supporting customers' daily operations throughout the process. The company expects to formally exit Chapter 11 once outstanding regulatory approvals and closing conditions are met.
Advisory roster includes Sidley Austin, PJT Partners and FTI Consulting
TPx is advised by Sidley Austin LLP as legal counsel, Portage Point Partners as financial advisor, PJT Partners Inc. as investment banker and FTI Consulting Inc. as communications advisor, with Steven Shenker serving as Chief Restructuring Officer. An ad hoc group of lenders is advised by Davis Polk & Wardwell LLP, Haynes and Boone LLP and Guggenheim Securities LLC.