New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News For EDMC From The Last 14 Days
Check below for free stories on EDMC the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
August 27, 2014
10:13 EDTEDMCHigh option volume stocks
Subscribe for More Information
08:39 EDTEDMCEducation Management reaches agreement in principle on debt restructuring
Education Management announced it has reached agreement in principle regarding a financial restructuring with holders of more than 80% of its secured and unsecured financial indebtedness. The company's Board of Directors has approved the restructuring. The company is seeking support for its restructuring plan from the remaining lenders and bondholders. The proposed restructuring will reduce the company's funded debt by approximately $1.1B, providing for the exchange of approximately $1.5B of outstanding debt as of June 30 for $400M of new debt, preferred equity interests that would be convertible into common shares and warrants for the purchase of common shares. The company's existing shareholders would retain 4% of the outstanding common stock after giving effect to the conversion of the new preferred stock and receive warrants to purchase an additional 5% of the common stock. The comprehensive, multi-step restructuring remains subject to applicable regulatory approvals and a shareholder vote, which the company expects to complete in 2015. Pending consummation of the restructuring, the company will enter into an amendment to its senior credit facility to waive all financial covenants through June 30, 2015, substantially decrease cash interest expense and require no principal amortization payments through June 30, 2015, and extend the maturity of the revolving credit facility through July 2, 2015.
August 24, 2014
21:23 EDTEDMCLender group set to offer EDMC revised debt package, NY Post says
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use