CARROLLTON, Texas-CellStar Corp. announced it has completed its offer to exchange cash, 12 percent senior subordinated notes and 5 percent senior convertible notes for its 5 percent convertible subordinated notes.
The company does not know the final results of the exchange offer, but it said it appears that approximately 86 percent of the current holders exchanged their notes.
“We believe that this is a significant accomplishment and allows us to focus more of our time and energy on the challenge of enhancing CellStar’s future operating performance,” said Terry Parker, chief executive officer.
