SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Microcap & Penny Stocks : Coram (CRH)--has the turnaround begun
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: leigh aulper who wrote ()7/1/1998 8:45:00 AM
From: leigh aulper  Read Replies (1) of 85
 
Coram Healthcare Completes Debt Restructuring

DENVER, July 1 /PRNewswire/ -- Coram Healthcare Corporation (NYSE: CRH) announced today that the Company completed the restructuring of its Subordinated Rollover Notes on June 30, 1998. The restructuring required, among other conditions, the approval of Coram's shareholders. That approval was received at the Company's Annual Stockholder Meeting on June 24, 1998.

As previously announced, the debt restructuring involves an exchange of the Rollover Notes for two debt instruments: $150.0 million of Series A Subordinated Notes with an initial annual interest rate of 9.875%; and, approximately $87.9 million of Series B Convertible Subordinated Notes at an interest rate of 8%. In addition, all warrants issued in connection with the Rollover Notes have been returned and cancelled. The holders of the Series A and Series B Notes have also agreed to extend to Coram $60 million of senior secured debt subject to the completion of definitive agreements.

"The debt restructuring is one in a series of steps we have taken to return Coram to profitability," said Donald J. Amaral, Coram's Chairman and Chief Executive Officer. "The new debt instruments reduce our interest expense by approximately $17 million annually and strengthen our balance sheet."

Separately, Coram announced that Mr. Amaral had signed an amendment to his employment agreement, which extends his employment with the Company until May 2000.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News