January 30, 2018 / 8:10 PM / a month ago

BRIEF-Rand Logistics Along With Its Units Files For Chapter 11

Jan 30 (Reuters) - Rand Logistics Inc:

* RAND LOGISTICS-ON JAN 29, CO, SOME UNITS, FILED BANKRUPTCY PETITIONS UNDER CHAPTER 11 IN THE U.S. BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

* RAND LOGISTICS - DEBTORS WILL CONTINUE TO OPERATE THEIR BUSINESSES AS DEBTORS IN POSSESSION UNDER JURISDICTION OF COURT - SEC FILING

* RAND LOGISTICS - TRANSACTIONS CONTEMPLATED BY PLAN WILL MATERIALLY DE-LEVER CO‘S S BALANCE SHEET, ELIMINATING ABOUT $92 MILLION IN OUTSTANDING DEBT

* RAND LOGISTICS-TRANSACTIONS UNDER PLAN TO RESULT IN LIGHTSHIP CAPITAL BECOMING OWNER OF SUBSTANTIALLY ALL OF CO‘S NEW STOCK UPON EMERGENCE FROM CHAPTER 11

* RAND LOGISTICS- DEBTORS TO ENTER A $25 MILLION FINANCING FACILITY WITH LIGHTSHIP ON STARTING OF THE BANKRUPTCY CASES

* RAND LOGISTICS INC - DEBTORS HAVE ALSO RECEIVED A COMMITMENT FROM ALLY BANK FOR EXIT FINANCING TO REPLACE DEBTORS EXISTING REVOLVING CREDIT FACILITY

* RAND LOGISTICS- DEBTORS ARE TARGETING A HEARING BEFORE THE COURT IN LATE FEBRUARY TO APPROVE PRE-PACKAGED PLAN OF REORGANIZATION Source text : ( bit.ly/2DP7BOJ ) Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below