GERMANTOWN, Md.-Communications test solutions provider Acterna emerged from Chapter 11 bankruptcy protection this week as a private company with a new board of directors.
“Acterna has continued to serve its customers and deliver new innovations throughout the debt-restructuring process,” said John Peeler, president and chief executive officer. “We emerge today with a bright future and as a stronger company more committed than ever to the employees, customers, suppliers and other business partners that have been so instrumental to our continued success.”
Under the company’s reorganization plan, senior secured debt holders will receive 100-percent of the company’s equity through a debt-for-equity swap. The company now has long-term debt of $190 million and quarterly cash interest expenses of less than $2 million. Holders of convertible and subordinated notes will receive warrants, unsecured creditors will receive approximately 10 percent of their claims in cash, and equity holders will receive nothing.
The company’s new five-member board of directors includes Todd Arden, Alain Couder, James Gaffney, Edward Horowitz and John Peeler.
Acterna’s DaVinci subsidiary, which manufactures color image enhancement and automatic film and video restoration technology, has also emerged from Chapter 11.
