Fortress and Greenhill are both based in New York. Greenhill advised London-based Diageo on the recent $2.26 billion sale of Miami-based Burger King to a Fort Worth-led investment consortium comprised of Texas Pacific Group, Boston-based Bain Capital, owner of Domino's Pizza chain, and Goldman Sachs Capital Partners of New York.
For Pinnacle, Fortress and Greenhill are providing a total $205 million, Pinnacle says in its reorganization plan filed in U.S. Bankruptcy Court for the Southern District of New York.
The plan involves Fortress purchasing 13.7 million Pinnacle shares and Greenhill buying 6.75 million shares. Senior notes will be cancelled in exchange for $114 million, or $350.77 per $1,000 par value bond.
For convertible notes, the agreement provides cancellation in exchange for up to $500,000 in cash and five-year warrants to purchase up to 205,000 shares of the new Pinnacle stock at twice the price of the investor shares.
Convertible note holders can double this amount to a total of $1 million in cash and warrants to purchase 2% of Pinnacle's equity capitalization or 410,000 shares.
"The court entering of the confirmation order represents a significant milestone in our goals," Pinnacle CEO Steven Day says in a prepared statement. "I am extremely pleased we are approaching final closure of the bankruptcy process and continue to be appreciative of the cooperation and support of our employees, customers, vendors and creditors."
Pinnacle is working toward closing the purchasing agreement on or before Aug. 20. The company says it owns, manages, leases or has the right to 4,000 cell telephone sites in Canada and the United States.
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