May 7, 2024

Willkie advised Magnetar Capital LLC in connection with the Chapter 11 restructuring and recapitalization of cybersecurity firm Appgate.

On May 6, Appgate (OTCMKTS: APGT) announced that it filed for Chapter 11 bankruptcy protection with the support of Magnetar, a longstanding investor in Appgate, and other creditors. Under the prepackaged restructuring plan, Magnetar will provide Appgate incremental investment to bolster its balance sheet and position the company for long-term growth. As part of the restructuring process, Appgate will transition to a privately held entity and expects to emerge from Chapter 11 debt free.

Magnetar is a leading alternative investment firm with $13.4 billion in assets under management as of December 31, 2023.

The Willkie team was led by partners Jennifer Hardy, Melainie Mansfield and Eric Halperin and included partners Russell Pinilis, Geri Anne McEvoy and Britt Mosman and associates Brenton Clarke, Amanda Fang and Margaret O’Brien.