We all know what opinions are like, but recent 300k share days have yet to "wash it out". Maybe 500k+?
My guess is refinancing isn't going well, or there would have been an announcement.
This, a piece of an 8K filed April 25th:
Additionally, the Company previously disclosed its initiative to refinance its existing long-term debt obligations, as well as to explore alternative financing, refinancing, restructuring and capital-raising activities, in order to address its ongoing liquidity needs and to maintain sufficient access to the loan and capital markets on commercially acceptable terms to finance its business. In support of these efforts, the Credit Agreement Amendment requires that the Company engage a chief strategic officer, as well as continue to employ an investment banker, to assist the Company in pursuing strategic alternatives such as a sale, capital raise, refinancing, or other transaction. Also, while the Company intends to continue its efforts to refinance its existing long-term debt obligations, the Credit Agreement Amendment requires that the Company and its investment banker accomplish certain actions related to the Company’s pursuant of strategic alternatives by milestone dates specified in the Credit Agreement Amendment if refinancing has not yet been obtained, including developing marketing materials for the sale of the Company’s business, acquiring letters of intent from potential purchasers in form and substance acceptable to the administrative agent, and negotiating and executing a purchase agreement for the sale of the Company’s equity or assets in an amount sufficient to repay the Company’s obligations to its lenders in full.
Pursuant to its obligations under the Credit Agreement Amendment, effective April 18, 2018, the Company engaged Deloitte Transactions and Business Analytics LLP (“DTBA”) to provide services as the Company’s chief strategic officer (the “CSO”) pursuant to the terms of an engagement letter with DTBA. The CSO will report directly to a special committee of the Board of Directors of the Company, and will work collaboratively with management and the Company’s investment banker in (i) coordinating with the Company’s other restructuring professionals, including attorneys and financial advisors, to assist to implement selected restructuring strategies, (ii) assessing the Company’s current business plan and operations to identify potential performance improvement initiatives, (iii) developing and implementing Company’s financial and operational turnaround strategy and associated activities for the special committee’s input and approval, (iv) overseeing the implementation of Company’s special committee-approved financial and operational turnaround strategy, (v) overseeing the management of, and effort to enhance, Company’s liquidity issues, and (vi) actively managing the relationship with Company’s lenders and other creditors.
Fees of $1.92 million will be paid to the lenders and administrative agent in connection with the Credit Agreement Amendment. |
