The agreement would include a voluntary write down of almost 40% of Dynata’s total debt, reducing the amount from $1.3bn to $780m in exchange for the first and second lien holders to own 100% of the equity in the Company.

The process is limited to Dynata’s US entities, with all foreign businesses remaining unaffected.

Dynata said it hoped that a prepackaged plan would be confirmed by early July, and said that having the support of the vast majority of the company’s debtholders would greatly reduce the uncertainty associated with alternative debt restructuring processes.

The restructuring is supported by the required percentage of Dynata’s lenders, including its revolver, first lien term loan, and second lien term loan lenders and its sponsor, who committed to support the prepackaged plan that will help the company to further invest in its transformation plans and support its long-term growth strategy.

The company has filed customary first day motions with the court to ensure operations continue without interruption, including making payments to all employees and vendors.

Dynata said it would make sure that it could maintain ample liquidity throughout this process and beyond by securing an additional $31.5m in post-petition financing and commitments of $50m in exit financing.

Willkie Farr & Gallagher LLP is serving as Dynata’s legal adviser in connection with the restructuring, and Alvarez & Marsal North America, LLC serves as its restructuring advisor and Houlihan Lokey, Inc. as its investment banker.

Gibson, Dunn & Crutcher LLP is lead counsel and PJT Partners LP is serving as investment banker to an ad hoc group of controlling First Lien Lenders in connection with the restructuring.

Mike Petrullo, chief executive officer at Dynata, said: “I appreciate the continued cooperation with our lenders as it reaffirms their belief in the underlying strength of our business.

“This milestone unlocks value in our company and supports our short and long-term growth strategy, which also includes recent additions of key members to our sales and leadership teams, such as the appointment of Dynata’s first chief commercial officer.

“I am thankful to the Dynata team who has committed themselves to building a best-in-class brand and to our loyal clients.”