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Boomerang Swaping Equity for Debt

Boomerang Systems, Inc. has commenced an offer to issue shares of its common stock and warrants in exchange for the entire balance of the 15% secured notes and warrants issued pursuant to the Loan and Security Agreement dated as of June 6, 2013 by and among the Company, Boomerang Systems, Inc., Boomerang USA Corp. and Boomerang…

Biolase Raises $35M in Private Placement

Biolase, Inc., a dental laser manufacturer and distributor announced that investors including Jack W. Schuler, Oracle Partners, L.P. and other Oracle funds, three funds managed by Camber Capital Management, LLC, Eagle Growth Partners I and II, Birchview Capital L.P., Trellus Partners, LP, CAC, LLC, and certain BIOLASE directors, officers, and employees have agreed to purchase…

EveryWare Global Amends Loan gets Equity Infusion

EveryWare Global, Inc. has amended its Term Loan Agreement and ABL Facility. The Company also announced that it entered into a Securities Purchase Agreement with Monomoy Capital Partners, whereby Monomoy agreed to invest $20 million in return for EveryWare’s Series A Senior Redeemable Preferred Stock with a liquidation preference of $21.2 million and warrants to purchase…

Elliott Assoc in a Micro-Cap Private Placement?

(Market Cap $10.5M) Purpose of Transaction. Item 4 is hereby amended to add the following: On May 19, 2014, the Reporting Persons entered into a securities purchase agreement (the “Purchase Agreement”) with the Issuer and certain other investors (collectively, the “Investors”). Pursuant to the terms of the Purchase Agreement, Elliott and Elliott International acquired, in…

Self Storage Group Converting to a REIT

(As of 9/30/2013, SELF’s NAV was $4.72 per share) The board of directors for Self Storage Group Inc. (SSG), an investment-management company with interests in self-storage, approved a shareholder-rights plan last week in conjunction with the company’s intention to qualify as a real estate investment trust (REIT) for federal tax purposes. SSG wants to change…

Silverpoint Receives New Warrants from Microcap

On February 7, 2013, the Issuer and its subsidiaries entered into an amended and restated credit agreement with certain affiliates of Silver Point (the “Restated Credit Agreement”).  The Restated Credit Agreement, among other things, extended the maturity date from April 13, 2013 to April 13, 2016, increased the principal balance from $46,350,000 to $47,277,000 and…

Beazer Homes USA’s Recapitalization

Beazer Homes USA, Inc. will exchange shares of its common stock for (i) any and all of its 7.50% Mandatory Convertible Subordinated Notes due 2013 (the “Notes”) and (ii) any and all of its 7.25% Tangible Equity Units.  Note holders tendered approximately $48.1 million aggregate principal amount of Notes, or approximately 84% of the principal amount of…

RAM Energy Completes $550 mm Recapitalization

RAM Energy Resources, Inc. today announced that the previously disclosed $550 million securities purchase by Halcón Resources, LLC, a newly-formed company led by Floyd C. Wilson, former Chairman and Chief Executive Officer of Petrohawk Energy Corporation, has closed and funded. The investment is comprised of $275 million in new common stock, a $275 million five-year convertible…

Horizon Lines Completes Partial Debt-to-Equity Conversion

Horizon Lines, Inc. completed the mandatory debt-to-equity conversion of approximately $49.7 million of the company’s 6.00% Series B Mandatorily Convertible Senior Secured Notes.  The mandatory conversion reduces debt, lowers annualized interest payments and is expected to increase the value of the company’s shares outstanding.   On January 10, 2012 , the company mandatorily converted approximately $49.7…

Imvescor Announces Recapitalization Transactions

Imvescor Restaurant Group Inc. announced today that it has entered into a subscription agreement with Fairfax Financial Holdings Limited concerning a series of transactions intended to recapitalize the Company by repaying its existing 7.75% convertible extendible unsecured subordinated debentures maturing on December 31, 2011 and provide additional cash to fund ongoing working capital.

TOP Ships Gets Equity Infusion from CEO

(TOP Ships has a market cap of $7 mm and an EV of $297 mm; see earlier post on TOPS dated 6/23/11) ATHENS, Greece, Aug. 25, 2011 (GLOBE NEWSWIRE) — TOP Ships Inc. (Nasdaq:TOPS – News), an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities, announced…

Debt Swap or Bankruptcy for Lee Enterprise

(Lee Enterprise has a market cap of $36 mm and an EV of $1.1 billion) Source: WSJ; Newspaper publisher Lee Enterprises has gained support from two main lenders for a large debt-exchange offer that aims to help the company avoid filing for bankruptcy protection, said people familiar with the matter. Two main creditors, Goldman Sachs and hedge-fund…

ECB Bancorp’s Cap-Raise & Rights Offering

ECB Bancorp has a market cap of $32 mm. ENGELHARD,N.C.–(BUSINESS WIRE)–ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”), the parent company of East Carolina Bank (the “Bank”), announced today that it has entered into an agreement with certain institutional investors to issue $75 million in Company common stock in a private placement offering, subject to…

Post-Reorg Saratoga Resources Initiates Recapitalization

Saratoga Resources (SROE) trades on the pinksheets and has a market cap of $97 mm. Saratoga Resources, Inc. announced today that it plans to offer, subject to market and other conditions, $125 million of senior secured notes and $30 million of common stock. The notes will be offered and sold to qualified institutional buyers pursuant to…

TOP Ships Announces Reverse Split

(TOP ships has a market cap of $11 mm and an EV of $351 mm.  The Co is in breach of its loan covenants and is in discussion with banks.) ATHENS, Greece, June 23, 2011 (GLOBE NEWSWIRE) — TOP Ships Inc. (Nasdaq:TOPS – News), an international maritime shipping company that provides transportation services for crude oil,…

Sino Clean Distributing Litigation CVR to Shareholders

Sino has a market cap of $63 mm. XI’AN, China, May 25, 2011 /PRNewswire-Asia-FirstCall/ — Sino Clean Energy Inc. (Nasdaq:SCEI – News) (“Sino Clean Energy,” or the “Company”), a leading producer and distributor of coal-water slurry fuel (“CWSF”) in the People’s Republic of China (“China”), today announced that the Board of Directors of Sino Clean…

Lam Research Announces Recapitalization

(Lam has a market cap of $5.85 Billion and an EV of $4.96 Billion.  It is trading at EV/LTM EBITDA of 5.8x.) FREMONT, Calif.–(BUSINESS WIRE)–Lam Research Corporation (NASDAQ:LRCX) today announced that it proposes to offer $700 million of convertible senior notes, subject to market conditions and other factors. The notes would be issued in two…

Novastar Financial Commences Recapitalization

KANSAS CITY, Mo., May 4, 2011 /PRNewswire/ — NovaStar Financial, Inc. (OTCQB: Common Stock: NOVS; Series C Preferred Stock: NOVSP) (the “Company”) commenced an exchange offer today for the issued and outstanding shares of publicly-held 8.90% Series C Cumulative Redeemable Preferred Stock of the Company, par value $0.01 per share (the “Series C Preferred Stock”),…

United Community Banks Announces Recapitalization

United Community Banks, Inc. (NASDAQ: UCBI) (“United”) has entered into definitive agreements to raise $380 million of capital through the purchase of a combination of United’s common stock and mandatorily convertible preferred stock (the “Private Placement”) by an affiliate of Corsair Capital, LLC (“Corsair”) and a group of institutional investors. Under terms of the Private…

Moneygram Announces Recapitalization

DALLAS–(BUSINESS WIRE)– MoneyGram International, Inc. (NYSE:MGI – News), a leading global payment services company, today announced that it has entered into a recapitalization agreement (the “Recapitalization Agreement’) with affiliates of Thomas H. Lee Partners (“THL”), THL co-investors, and affiliates of Goldman, Sachs & Co. (“Goldman Sachs”), holders of the Company’s Series B Participating Convertible Preferred…