James Cable LLC said Monday it has emerged from Chapter 11 bankruptcy protection, swapping the majority of its equity for debt.
Bloomfield Hills, Mich.-based James filed for protection in the U.S. Bankruptcy Court for the Middle District of Georgia in June.
In November, the court confirmed the operator's reorganization plan.
As a result of the reorganization, James swapped about $88 million in bond debt for 93% of its equity. The remaining 7% is held by former equity holders of James Cable.
James Cable's shareholder is Golden Tree Asset Management, which received about 72% of the small MSO's equity. James Cable is not publicly traded, but did have public debt.
James Cable also refinanced GoldenTree's $30 million prepetition senior secured loan facility with a $30 million term loan and a $4 million revolving credit facility provided by a bank syndicate led by Merrill Lynch Capital.
"We believe that James Cable now has an appropriate capital structure with which it can grow its business. We look forward to working with Bill James and his team as they implement their upgrade program for the balance of the subscriber base and position the company for future growth," said Steven Shapiro, a partner at GoldenTree.
James Cable has about 63,445 subscribers in mostly rural areas of Oklahoma, Texas, Georgia, Louisiana, Colorado, Wyoming, Tennessee, Alabama and Florida.