Security Sales & Integration June 2021 - 9

My Alarm Center Files for Chapter 11 Bankruptcy
NEWTOWN SQUARE, Pa. - Secure
Home Holdings - which operates five affiliates
including nationwide security provider
My Alarm Center - recently filed
for Chapter 11 protection in Delaware.
In a statement, the company said all of
its senior lenders and other key stakeholders
have agreed to support a prepackaged plan
of reorganization to eliminate approximately
$235 million of legacy debt obligations.
The company's other security brands are
Alarm Monitoring Service of Atlanta, Fort
Worth, Texas-based Hawk Security Services,
Los Angeles-based ACS Security and
DIY wireless system provider LivSecure.
My Monitoring Center formerly operated
as Alarm Capital Alliance (ACA).
The businesses reported 2020 revenues
derived from monitoring contracts totaled
approximately $88 million, while
revenues from services, installation and
other sources totaled around $7 million.
The company has received commitments
from its senior lenders for $15 million of
fresh capital to continue providing uninterrupted
service to its customers during the
restructuring, while also meeting its financial
obligations to vendors and employees.
" We expect a full and quick recovery
and are already seeing a notable shift in
that direction with increased sales and acquisition
opportunities. As to the filing,
the structure is a 'prepackaged plan,' and
because of that it should wrap up very
quickly over the next 60 days, " Anastasia
Bottos, president and COO of My Alarm
Center, explained to SSI.
In a declaration statement, My Alarm
Center CEO Amy Kothari specified numerous
factors that adversely effected the company's
revenues, including the COVID-19
pandemic, leaving it no recourse but to file
for bankruptcy. Kothari cited first-lien debt
totaling $197.5 million that is administered
by Seaport Loan Products and Acquiom
Agency Services. A prepackaged plan calls
for these first-lien lenders to provide a $45
million debtor-in-possession loan, including
at least $15 million in new financing to
continue uninterrupted operations during
the restructuring.
The company's largest unsecured creditors
include various interests of investment
management company Invesco Ltd.,
which is owed more than $39 million, and
Goldman Sachs Specialty Lending Group,
which is owed nearly $34 million.
securitysales.com
JUNE 2021 Security Sales & Integration
9

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Security Sales & Integration June 2021

Table of Contents for the Digital Edition of Security Sales & Integration June 2021

Security Sales & Integration June 2021 - Bellyband 1
Security Sales & Integration June 2021 - Bellyband 2
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