Monitronics International, Inc.

Monitronics International, Inc. (d/b/a Brinks Home Security) is one of the largest home security alarm monitoring companies in the United States. The company secures approximately 1 million residential and commercial customers through highly responsive, simple security solutions backed by expertly trained professionals. The company has the nation’s largest network of independent authorized dealers as well as direct-to-consumer sales of DIY and professionally installed products, including a 24/7 alarm response center.

The company was experiencing decreasing liquidity and was unlikely to refinance certain debt obligations which were maturing in the near term. The company defaulted on various debt obligations and received a going concern opinion from its auditors. In light of its overleverage, the company began exploring alternatives for a restructuring to address its liquidity issues and capital structure challenges.

Getzler Henrich was retained as financial advisors to the senior secured revolving credit lenders to advise on the company’s restructuring efforts, financial and operational performance, and projected turnaround plan. As part of our services, Getzler Henrich analyzed the company’s 13-week cash flow forecasts, financial projections, covenant compliance, and proposed terms for its restructuring. We also advised the senior secured revolving credit lenders regarding restructuring scenarios, proposed terms and conditions of a DIP loan facility, DIP budget and weekly cash flow forecasts, proposed emergence financial projections, capital structure, operating metrics, and proposed Exit Loan facility terms and conditions.

Monitronics repaid the senior secured revolving credit facility in full immediately prior to filing a pre-packaged plan of reorganization.