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Debt Maturities and Exchanges
As of June 30, 2016, the outstanding principal on our 10% convertible senior secured notes due 2017 (the “2017 Notes” and together with the 2022 Notes, the “Convertible Notes”), was $26.1 million. The 2017 Notes are scheduled to mature on March 15, 2017.
As of June 30, 2016, the principal balance of our 2022 Notes was $22.4 million. The 2022 Notes are scheduled to mature on July 1, 2022, unless earlier repurchased, redeemed or converted. Additionally, on July 1, 2017, each holder will have the right to require us to repurchase all of such holder’s 2022 Notes, or any portion thereof that is an integral multiple of $1,000 principal amount, for cash at a repurchase price of 100% of the principal amount of such 2022 Notes plus any accrued and unpaid interest thereon through, but excluding, the repurchase date.
On September 7, 2016, we entered into private exchange agreements with certain holders of our 2022 Notes to exchange an aggregate of $11.4 million of principal amount of 2022 Notes for an aggregate of 13,999,354 shares of our common stock and expect to issue the shares prior to or concurrent with the closing of this offering. Upon completion, these exchanges will reduce the outstanding principal amount of the 2022 Notes to $11 million.
Restructuring/Recapitalization Discussions
As noted above, in May 2016, we commenced a review of strategic alternatives. Our board of directors and its advisors have established a process for outreach to, and engagement with, interested strategic and financial parties and creditors. As part of that process, we and our advisors have engaged in discussions with Whitebox Advisors, LLC (“Whitebox”), the administrative agent for the holders of our 2017 Notes, and with some of the holders of our 2022 Notes with respect to a recapitalization of the Company that would involve the 2017 Notes and the 2022 Notes. We believe that a recapitalization transaction whereby the Company’s debt is reduced (and/or the maturity date is extended) and a sufficient amount of working capital is provided to fund operations would reduce the current liquidity risks for the Company.