Debt Woes Hit Firm That Vetted Snowden
By Emily Glazer
Altegrity, a defense contractor that has been hurt by government budget cuts, has enlisted restructuring advisers to help it cope with an unwieldy debt burden of roughly $1.8 billion, according to people familiar with the matter.
Altegrity, the holding company for US Investigations Services LLC, is working with restructuring bankers at Evercore Partners Inc., these people said. Debevoise & Plimpton LLP, the firm’s longtime outside corporate counsel, is working alongside Evercore on the potential restructuring, some of these people said.
USIS has drawn attention recently as the firm that conducted the background check of Edward Snowden, the former National Security Agency contractor who leaked information on top-secret U.S. surveillance programs. USIS has also been the subject of federal investigations and lawsuits over its handling of background checks for the U.S. government ...
Altegrity is one of a number of defense businesses that have suffered from sequestration—the automatic budget cuts mandated by Congress to help rein in the deficit. Its roughly $1.8 billion debt load makes Altegrity one of the larger corporate financial restructuring cases to develop in the past year ...
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