What actually happened (2026 restructuring) DCA completed a lender-driven recapitalization / takeover —not a bailout in the traditional sense. Key facts: Debt reduced by ~$1.1B+ $95M of new capital injected by existing lenders Debt maturities extended to 2031 Ownership effectively shifted to the lender group (first-lien creditors leading the deal) 👉 Translation: This was a classic debt-for-equity swap : Lenders forgave a massive chunk of debt In exchange, they took control of the company 🏦 Who the key players were (before vs after) Before restructuring (equity owners) Harvest Partners (private equity) – majority sponsor since 2015 Mubadala (sovereign wealth fund) – bought ~50% stake in 2022–2023 recap Management + possibly doctor minority equity 👉 This was a highly levered PE-backed DSO After restructuring (new control) First-lien lenders / private credit funds now control DCA Advised by restructuring firms (PJT, Milbank, et...
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