CalAmp Files Bankruptcy To Complete Restructuring
(RTTNews) - CalAmp (CAMP), Monday announced that it has entered into a Restructuring Support Agreement with its principal secured lender, Lynrock Lake Master Fund LP who will become the principal equity owner of CalAmp and take the company private.
CalAmp intends to exchange the about $229 million of Convertible Senior Secured Notes held by Lynrock into equity interests in the reorganized company.
During the financial restructuring, CalAmp's U.S. and international operations will continue without disruption, and partners will be paid in the ordinary course of business.
To most efficiently complete the go-private transaction, CalAmp has voluntarily initiated proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
"The savings from eliminating the interest on the debt and the overhead of being a public company will allow us to invest more significantly in the numerous opportunities we see to support our customers' needs," said Chris Adams, President and Chief Executive Officer of CalAmp.
