Dynata LLC, a Shelton-based business-to-business survey research and data firm, said Tuesday it has emerged from Chapter 11 bankruptcy just two months after filing for court protection.
The firm, which is headquartered at 4 Research Drive, Suite 300, in Shelton, filed a “prepackaged” Chapter 11 bankruptcy petition on May 22. The petition included Dynata LLC, Dynata Holdings Corp. and 17 U.S. affiliates. It did not affect the company’s foreign businesses.
The prepackaged plan was approved by the U.S. Bankruptcy Court for the district of Delaware on July 2. Under the plan, Dynata reduced its total debt by almost 40%, from approximately $1.3 billion to $780 million, in exchange for the company’s first and second lien holders to own 100% of its equity.
The company’s new equity owners are a group of institutions led by Bain Capital, certain funds and accounts managed by Black Rock Financial Management Inc., and investment vehicles advised by First Eagle Alternative Credit.
Dynata’s new equity owners have provided $81.5 million in total exit financing to the company, it said.
Company officials did not respond to a request for comment Wednesday.
Dynata describes itself as the largest global provider of first-party consumer insights data. First-party data is information collected directly from clients, customers, subscribers and website visitors when they interact with a website or marketing.
Dynata CEO Mike Petrullo, who joined the company in October 2022, said his company was able to “move so swiftly” through the bankruptcy process because of the “strength of our relationship with our new equity owners … and their belief in Dynata’s distinct advantage in the marketplace.”
Last week, Dynata also announced the hiring of Pedro Martinez as its senior vice president of IT infrastructure and enterprise applications. Martinez has more than 25 years of experience in the banking, fintech, and government sectors, including most recently serving as chief information and strategy officer for Zenus Bank.
