ConvergeOne Holdings, Inc. (now C1) is a global IT services provider founded in 1993 and headquartered in Bloomington, Minnesota, offering cloud, cybersecurity, contact center, and enterprise networking solutions to over 6,000 customers daily with approximately 3,000 employees across 15 countries. The company reported approximately $1.525 billion in revenue for 2023. After CVC Fund VII's 2018 acquisition at $1.8 billion saddled the balance sheet with approximately $1.8 billion in funded debt across first lien ($1.39 billion) and second lien ($287 million) facilities, the debtors filed a joint prepackaged Chapter 11 on April 4, 2024 in the Southern District of Texas (Case No. 24-90194) before Judge Christopher M. Lopez. The case was supported by a $250 million ABL DIP revolver and a $215 million term DIP facility. The prepackaged plan, confirmed May 23, 2024, eliminated approximately $1.6 billion (80%) of debt and secured $245 million in new equity from CVC Capital Partners, Silver Point Capital, and Monarch Alternative Capital. The plan became effective June 4, 2024. Post-emergence, a district court reversed confirmation in part on Section 1123(a)(4) equal treatment grounds after minority lenders challenged an exclusive backstop arrangement that produced approximately 31% higher recoveries for majority lenders. A Modified Confirmation Order on November 6, 2025 cured the violation by offering minority lenders pro rata backstop participation. The case closed November 24, 2025.
