MSP Recovery Shares Surge: $1.2B Debt Nixed In Turnaround Pact With Hazel Partners, Virage Captial

MSP Recovery Inc. (NASDAQ:MSPR) shares surged on Friday morning. On Thursday, the company entered into a strategic term sheet with Hazel Partners, Virage Capital and affiliates to execute a series of restructuring initiatives.

Why It’s Important: The plan includes cost reduction via a new servicing entity, converting key debt into equity, thereby eliminating $1.2 billion in guaranteed debt.

Also, MSP is aiming to reduce its liability to principals John H. Ruiz and Frank C. Quesada by approximately $144 million, contingent on the full conversion of the related debt into equity.

Transaction Details: Hazel Partners has agreed to provide up to $9.75 million in bridge funding to ...

https://www.benzinga.com/news/financing/25/04/44762243/msp-recovery-shares-surge-1-2b-debt-nixed-in-turnaround-pact-with-hazel-partners-virage-captial