Acterna emerged from chapter 11 bankruptcy protection and added five new members to its Board of Directors. Under the terms of Acterna’s Plan of Reorganization, senior secured debt holders now hold 100% of the company’s equity through a debt-for-equity swap. Acterna emerges as a privately held company with long-term debt of approximately $190 million. Unsecured creditors received a cash distribution of approximately 10% of their claims.
http://www.acterna.com
- Acterna filed for bankruptcy five months ago, and its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on September 25.