Lumen Creditors Tap Law Firm Davis Polk to Probe Debt Covenants
- Lenders seek talks with company over asset sale proceeds
- Lumen says any suggestion of non-compliance are unfounded
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A group of Lumen Technologies Inc. creditors has hired Davis Polk & Wardwell to analyze its debt covenants and start talks with the company, according to people with knowledge of the situation.
Some lenders holding bonds and loans tied to Level 3 Communications had already tapped Houlihan Lokey Inc. for advice on how proceeds were used from an asset sale last year, Bloomberg reported. Since then more creditors, including those to Lumen, have joined the group, said the people, who asked not to be identified because the matter is private.