In Brief: Dep Chapter 11
This article was originally published in The Rose Sheet
Dep Chapter 11: Effective Nov. 4, Dep will emerge from bankruptcy, following the Wilmington, Del. U.S. Bankruptcy Court acceptance of the company's Chapter 11 reorganization plan Oct. 23. Under the plan, approved by an official committee representing company's unsecured debtors in August, Dep's lender group, led by Los Angeles-based Foothill Capital Corp., will provide long term financing of $62 mil. at an interest rate of 2% in return for an 8.6% stake in the company or 542,488 shares and $150,000 in cash ("The Rose Sheet" Aug. 26, p. 9). The lender group will also receive warrants to purchase an additional 330,050 shares. Dep will reclassify existing stock, giving all common shares equal voting rights. Dep filed for bankruptcy April 1 with total liabilities of $77.3 mil., comprising $62.2 mil. in secured debt and $15.1 mil in unsecured debt, and assets of $84 mil...
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