The Company expects to continue operations as usual and has obtained a commitment for $85 million in new debtor-in-possession (“DIP”) financing from a group of its first lien lenders. Subject to Bankruptcy Court approval, this DIP financing, combined with cash generated by the Company, is expected to provide more than adequate liquidity to support ongoing operations during the process.
“We thoroughly explored various alternatives to address our debt and have been engaged in constructive discussions with our lenders regarding sponsorship of a plan to delever the Company and enhance our liquidity,” said Kevin Gilligan, Chief Executive Officer o…
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