Brinks Home Security Parent Files for Bankruptcy… Again
Monitronics files Chapter 11 to restructure $500 million in debt. The company aims to emerge from restructuring within 46 days.
Monitronics files Chapter 11 to restructure $500 million in debt. The company aims to emerge from restructuring within 46 days.
Monitronics says it is deregistering because it believes public company reporting requirements have no discernable benefit to the company.
With a nationwide footprint, Skyline has one of the largest door-to-door sales organizations in the smart home security industry.
During the quarter ended Sept. 30, the company added 17,111 customers, compared to 21,228 accounts for the same period in the prior year.
The case, which was filed in Federal Court in North Carolina, centered on deceptive sales practices by Utah-based Edge Home Security.
Niles joined Brinks Home Security in September 2019 as executive vice president and general counsel, and was named interim CEO in February.
William Niles discusses the company’s strategy to return to profitability after a years-long battle contending with hefty debt and high attrition.
During the three and six month periods, Monitronics added 9,808 and 21,705 subscriber accounts, respectively, through its dealer channel.
The company will take ownership of the residential contracts at closing through an earnout structure that includes a $15 million upfront payment.
Jeff Gardner has stepped down from his position as CEO of Brinks Home Security. Chief Transformation Officer William Niles will take over on an interim basis.
This session will help integrators better understand the needs and market demands of their retail customers.
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