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Technology Stocks : Allen-Vanguard Rescue Board

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From: kidl	10/5/2009 10:00:28 AM
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The Ottawa Citizen just renamed VRS. Outstanding journalism :-) Financing plan only way to keep company afloat, Allied-Vanguard says By Bert Hill, The Ottawa Citizen October 5, 2009 9:11 AM OTTAWA — Allen-Vanguard, the struggling Ottawa bomb-jamming technology company, said Monday that it likely would have had to stop operations without a controversial new refinancing plan. It provided some new information on the scheme. Many shareholders are upset that they will lose all their stakes without a vote as the company is taken private by a U.S. investor. The company said that debt holders will lose $14 million as part of the plan to reorganize $232 million in debt. The remaining debt will be converted to terms loans at more advantageous terms and the company will get fresh capital to keep operating. Versa Capital of Philadelphia is providing the new financing and will take control of the company. The company said that none of its officers and directors have any side deals as part of the refinancing. It said that more details will be provided prior to a court hearing to consider the reorganization plan. The statements said "the company believes that, in the absence of the transaction, the company would not have been able to meet its financial obligations as they became due and would likely have been unable to continue to carry on business beyond the very short term. " © Copyright (c) The Ottawa Citizen

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