PhoneTel Technologies, Inc.

We represented PhoneTel Technologies, Inc. in reaching and closing an agreement and plan of merger and reorganization with Davel Communications, Inc., combining the business of the nation’s two leading publicly-traded independent payphone service providers into an organization with an installed base of approximately 75,000 pay telephones. The transaction involved a radical financial restructuring in which the lenders exchanged approximately $254 million of debt outstanding under their existing credit facilities for shares of common stock in the new enterprise.