In its quick eight-week stint in bankruptcy last year, creditors restructured $1.6bn of secured debt into a new $465mn term loan (S + 680) under a prepackaged plan. WW emerged from the court-supervised process as a publicly traded company in late June with its debt reduced by more than $1.1bn and interest expense cut in half.

In the restructuring, lenders partially equitized their holdings into 91% of the reorganized stock, providing a 9% tip to existing shareholders as part of the plan. That put the equity recovery to secured creditors at $94mn to $458mn—or $276mn at the midpoint.