Altitude International reduces debt by $18.3 million with FVP

Chicago, March 15 – Altitude International Holdings, Inc. announced that it will be reducing its debt obligations with FVP Servicing, LLC by $18.3 million, according to a press release.

The reduction of debt is being exchanged for all the membership interests of Altitude’s wholly owned subsidiary, Altitude Hospitality, LLC, to FVP’s designee.

As a result of the assignment of Altitude Hospitality to FVP, all agreements previously executed by Altitude Hospitality were also assigned to FVP's designee. These assignments include the purchase and sale agreement with Store Capital Acquisitions, LLC, the lease agreement with Store, and the membership agreement with TMH Worldwide, Inc.

All related debt related to Altitude Hospitality, along with the applicable recordation of assets, was assigned to FVP's designee as part of the settlement agreement.

The company also entered into a new loan agreement with FVP with a principal amount of $750,000 to be used to pay off all existing amounts due under its existing loan agreement. Upon the execution of the agreement, all remaining existing debt owed by Altitude was satisfied in full, subject to certain limited contingent indemnification obligations.

Altitude is a holding company composed of performance-based businesses with headquarters in Port St. Lucie, Fla.

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