MSP Recovery (MSPR) said late Thursday it has agreed to a term sheet for several restructuring transactions with Hazel Partners, Virage Capital Management and their affiliates.
MSP Recovery agreed to launch a restructuring and funding plan that includes several initiatives.
The initiatives are designed to reduce company costs, convert some debt into equity, release $1.2 billion of debt, and provide access to $9.8 million of bridge funding and up to $25 million of working capital, the company said.
The company has also obtained a payment extension and waiver from YA II PN allowing it to continue its core business.
The closing of the restructuring deal is expected no later than April 30, the company said.
Shares of MSP Recovery jumped more than 200% in after-hours activity Thursday.
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