Interviews
Ascendia Brands completes debt restructuring
21 Jan '08
3 min read
Margins on the senior debt have been increased in consideration of the financial covenant relief and restructuring and the Company will accrue a fee of up to $2 million to the holders of its Term Notes A-1.
Ascendia also announced that it is notifying the American Stock Exchange that it will delist from the Exchange and will file a Form 25 with the Securities and Exchange Commission within 10 days for the purpose of delisting its Common Stock. The Company is not in compliance with Exchange's continued listing standards because its stockholders' equity remains below the minimum amount required by the Exchange.
The Company does not anticipate regaining compliance with this requirement within the time frame required by the Exchange and accordingly it is withdrawing its appeal against the current delisting proceeding. The delisting will become effective 10 days thereafter, whereupon Ascendia anticipates that its Common Stock will be quoted in the Pink Sheets. Ascendia will continue to explore other options for the quotation or listing of its Common Stock.
Steven R. Scheyer, President and Chief Executive Officer of Ascendia, commented: “We are very pleased to have completed this new investment in the Company and the restructuring of our senior debt. This closing, which is the culmination of several months work, makes it possible to focus all of the Company's attention on driving sales growth, cost reduction, serving our customers and delivering value to our shareholders.”
Ascendia also announced that it is notifying the American Stock Exchange that it will delist from the Exchange and will file a Form 25 with the Securities and Exchange Commission within 10 days for the purpose of delisting its Common Stock. The Company is not in compliance with Exchange's continued listing standards because its stockholders' equity remains below the minimum amount required by the Exchange.
The Company does not anticipate regaining compliance with this requirement within the time frame required by the Exchange and accordingly it is withdrawing its appeal against the current delisting proceeding. The delisting will become effective 10 days thereafter, whereupon Ascendia anticipates that its Common Stock will be quoted in the Pink Sheets. Ascendia will continue to explore other options for the quotation or listing of its Common Stock.
Steven R. Scheyer, President and Chief Executive Officer of Ascendia, commented: “We are very pleased to have completed this new investment in the Company and the restructuring of our senior debt. This closing, which is the culmination of several months work, makes it possible to focus all of the Company's attention on driving sales growth, cost reduction, serving our customers and delivering value to our shareholders.”
Ascendia Brands Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
