Apollo-backed West Technology Group hired AlixPartners as it pursues asset sales and a winddown of its business lines, said two sources familiar with the matter.

Lenders have been working with Gibson Dunn, as the company faces weak liquidity and debt concerns, one of the sources said.

The New York-based global technology communications service provider is operating under a 30-day grace period after it missed a USD 19m interest payment on its 8.5% second-lien senior secured notes on 10 April.

At the time, an S&P report stated it was “unsure whether the company will make the payment within the grace period given its elevated leverage above 10x.”

Moody’s also downgraded the company’s debt to Ca in early March, citing pressure from a “looming revolver maturity in August 2026” alongside “elevated refinancing risk” for its 2027 maturity term loan and bonds. Moody’s also outlined concerns regarding its limited revenue growth and limited free cash flow.

“Absent a near-term sale of its remaining WestCX business (consisting of TeleVox and Mosaicx) at a favorable valuation multiple, we do not believe the company will have sufficient cash on hand to address next year’s debt maturities. Any alternative resolution to the upcoming maturities may be viewed as distressed given the company’s current liquidity and cash flow profile,” Moody’s stated.

West Technology, formerly known as Intrado, has been selling parts of its business to pay down its debt for years. In 2025, the company sold a communications business, Notified, in 2025, for USD 534m. In 2023, it sold SchoolMessenger, a school tool provider, as Debtwire previously reported.

In 2024, the company attempted to sell its patient engagement software business, TeleVox, according to Mergermarket.

West Technology’s bonds have seen thin trading this year. Its 8.5% second-lien senior secured notes changed hands a few times in April and May. Most recently, the bonds traded as low as 4, according to MarketAxess. Its USD 901m term loan traded at 17.125/20.3, according to Markit. That depressed loan price represents a drop from trading levels in the 40s in late 2025 and in the 30s at the start of the year.

The company executed an amend and extend transaction in December 2022, which significantly tightened its covenants.

Apollo, West Technology and AlixPartners did not respond to requests for comment.