Output Services Group, Inc. Receives Confirmation of Prepackaged Joint Plan of Reorganization

Company to Emerge by End of November with Significantly Reduced Debt

• Reduces Debt by Approximately $550 Million from Prepetition Levels
• Receives $50 Million New Capital Investment
• Obtains $50 Million Working Capital Facility
• Exits U.K. Business

CAROL STREAM, Ill., Nov. 21, 2023 /PRNewswire/ -- Output Services Group, Inc., d/b/a EverView ("OSG" or the "Company"), a global provider of billing and payment solutions, announced today that it received confirmation of its Second Amended Joint Prepackaged Plan of Reorganization and expects to emerge from its expedited Chapter 11 cases as planned by the end of the month. This milestone marks the next step in the completion of the Company's reorganization, which successfully reduces the Company's debt by approximately $550 million, provides $100 million in financing and supports the exit of the U.K. business. Upon emergence, Pemberton will remain the largest equity holder along with new ownership.

"The recapitalization of OSG provides us with a flexible capital structure and liquidity to compete and grow in today's rapidly evolving business environment. I am grateful for our dedicated employees who have stayed focused through the restructuring as well as for our customers and vendors who continued to support us," said Dean Cherry, Chief Executive Officer. "We believe in the strength of the business, the leadership team guiding our progress and the exceptionally strong balance sheet the Company will have upon emergence. We look forward to the opportunity to once again focus our full attention on our U.S. business and our commitment to our customers."

OSG will emerge from Chapter 11 with a newly constituted Board of Managers.

In connection with the reorganization, OSG was represented by McDermott Will & Emery LLP as its legal counsel, Accordion Partners as its financial advisor, Houlihan Lokey Capital, Inc. as its investment bank and Sitrick And Company as its strategic communications advisor.

About OSG

OSG, which transacts business under the OSG Billing and EverView brands, delivers leading customer engagement solutions that drive action, loyalty and retention. With over 50 years of experience, we enable 6,000 customers to create deeper relationships, one communication at a time.

For more information, please visit https://everview.io/ or follow us on LinkedIn, Twitter & Instagram.

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SOURCE Output Services Group, Inc.