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The information contained in Item 4 of the Schedule 13D is hereby amended by adding the following paragraph immediately after the seventh paragraph:
On April 13, 2018, the Issuer received a final order approving a Debtor in Possession Credit and Security Agreement (the “DIP Loan Agreement”) with Wilmington Trust, National Association, as administrative agent (the “DIP Administrative Agent”), Baupost through its agent Baupost Group Securities, L.L.C. and certain other parties thereto (collectively, the “DIP Lenders”) dated March 12, 2018 from the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The DIP Loan Agreement provides for a $70,350,000 debtor-in-possession credit facility (the “DIP Facility”) consisting of (i) new money term loans in an aggregate amount of up to $35,000,000 (“New Money Term Loans”), (ii) roll-up loans (where prepetition secured notes are converted into post-petition secured obligations under the DIP Facility) in an aggregate amount of $35,000,000 (“Roll-Up Loans” and together with the New Money Term Loans, collectively, the “DIP Loans”) and (iii) a $350,000 fee to the DIP Lenders, which will be capitalized and added to the principal amount of the DIP Loans. Pursuant to the DIP Loan Agreement, as amended by the terms of a Master Assignment and Acceptance, dated April 9, 2018, by and among, the Issuer, the DIP Administrative Agent, Baupost and certain other parties thereto (a) approximately $16.5 million principal amount of the Notes purchased by Baupost were converted into Roll-Up Loans and (b) Baupost committed to advance the Issuer up to approximately $16.5 million in New Money Term Loans. Pursuant to the terms of the DIP Loan Agreement, interest will accrue on the principal balance of the DIP Loans at a rate per annum equal to LIBOR for such interest period plus 10.00% per annum.
On March 12, 2018, the Issuer filed a voluntary petition for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code in the Bankruptcy Court (Case No. 18-10518), which constituted an “Event of Default” under the indenture governing the Notes. Also on March 12, 2018, the Company received notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Staff had determined that the filing of the petition served as a basis for delisting the Company’s securities from Nasdaq in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM 5101-1. On April 2, 2018, the Staff notified the Company that the Panel had determined to delist the Company’s shares from Nasdaq and that trading would be suspended effective at the open of business on April 4, 2018. Nasdaq further notified the Company that it will complete the delisting by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission after applicable appeal periods have lapsed.
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