The Select Family of Staffing Companies, the 10th-largest U.S. staffing firm, exited Chapter 11 and announced a board of directors appointed by investors that includes several high-level staffing executives that formerly served at Randstad and TAC Worldwide.

Select had filed for a pre-packaged Chapter 11 at the beginning of April. It emerged from the process with $719 million in new capital. In addition, debt and related liabilities were reduced by $450 million.

“Today marks a new chapter in Select’s story. We have completed our recapitalization and are now poised for ongoing success,” said Select CEO Steve Sorensen. “With our lenders, we accomplished our shared goals efficiently and without impact to our valued customers or employees.”

The Santa Barbara, Calif.-based firm new capital after the prepackaged bankruptcy includes $229 in new cash equity from leading investors, including Anchorage Capital Group, BlueMountain Capital Management, Pine River Capital Management and Redwood Capital Management. Select also entered into a $120 million asset-based credit line led by Royal Bank of Canada and a $370 million term loan led by Credit Suisse AG.

The investors now own a majority of Select with the largest single investor owning approximately 20 percent. Sorensen remains the largest individual, noninstitutional shareholder with a share in the teens.

In addition, the recapitalization included the contribution of Decca Consulting to the company. Decca is an oil and gas staffing firm that was held by Sorensen independently of Select. It provides mostly degreed engineers in the oil and gas field. It is based in Calgary, Canada.

Select also named new board members:

• Gregory Netland, former CEO of North America for Randstad Holding NV, one of the world’s largest staffing firms.
• Gary Di Camillo, former CEO of TAC Worldwide Companies and Radia International (now Advantage Resourcing).
• Al Aguirre, former corporate attorney at Sullivan & Cromwell and managing director at Warburg Pincus.
• Stephen Giusto, former CFO of executive search firm Korn Ferry International Inc. (NYSE: KFY).
• Sorensen will also remain in the board.

Select went through the bankruptcy process smoothly and there were no layoffs. Sorensen said today there was really no opposition tendered through the court process.

Moving ahead, Sorensen described the business climate as firm, not extraordinary but firm.

“As we look to the future, we see many exciting opportunities on the horizon that we can now pursue with our strong capital position,” Sorensen said. “Thanks to the support of our customers and commitment from our valued associates, colleagues, and franchisees, we continued to grow our business during this process and we intend to continue the momentum with this new solid foundation for growth.”

Paul Sorensen, president of Select, said bankruptcy is a loaded term but likened the process for Select to more of a back-office financial transaction.

“The business is thriving and we are ahead of plan this year,” Paul Sorensen said.

The company’s brands include Select Staffing (SelectRemedy in Illinois), Remedy Intelligent Staffing, Select Truckers Plus, Westaff and RemX Specialty Staffing. It also has divisions focused on professional development training (Power Training Institute) and a managed services program (SinglePoint Solutions).