posted
ATLANTA, Nov 28, 2005 (BUSINESS WIRE) -- PRG-Schultz International, Inc. (PRGX, Trade), today announced that Parkcentral Global Hub, Blum Strategic Partners II, and certain of their affiliates have committed to supply $8 million of bridge financing, pending a restructuring of the company's 4 3/4% convertible notes due November 26, 2006. The bridge financing, which will mature on the earlier of May 15, 2006 or the closing of such restructuring, will be used for general corporate purposes, including the payment of interest on the convertible notes prior to the end of the 30-day grace period that commenced on November 28, 2005. The bridge financing remains subject to several conditions, including completion of diligence and documentation.
"We are grateful for the continuing support of Parkcentral and Blum, and look forward to the support of our other major lenders as we work to improve our capital structure," said James B. McCurry, PRG-Schultz's President and Chief Executive Officer. "The funds that would be made available under the bridge financing allow us to remain current on our public debt and provide additional working capital while we focus on completing our financial restructuring discussions."
As previously announced, an ad hoc committee of convertible note holders has been organized to negotiate the terms of a potential restructuring of the convertible notes. Negotiations are ongoing at this time, and the company anticipates reaching a mutually acceptable resolution with the ad hoc committee in the near future. Affiliates of Parkcentral and Blum are members of the ad hoc committee.
About PRG-Schultz International, Inc.
Headquartered in Atlanta, PRG-Schultz International, Inc. (PRG) is the world's leading profit improvement firm, providing clients throughout the world with insightful value to optimize and expertly manage their business transactions. Using proprietary software and expert audit methodologies, PRG industry specialists review client purchases and payment information to identify and recover overpayments.
IP: Logged |
posted
Word is this stock was shorted from 3.50 down to .29 by Cannell. He is now out. It seems that it would go up to at least half of its value of a few weeks ago with Cannel out and todays news. Up 80+%...WEEEEEEEE.
IP: Logged |
posted
Wow...the market never ceases to amaze me...that hangman couldn't be more clear on the 25th, and BAM it flies up. Always trust the maket to not do what it shows it will.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
