BRIEF-Rand Logistics Along With Its Units Files For Chapter 11 [Reuters]
RAND LOGISTICS (RLOG)
US:NASDAQ Investor Relations:
randlogisticsinc.com/investors.html
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Source: Reuters
BRIEF-Rand Logistics Along With Its Units Files For Chapter 11 | Reuters Reuters Staff 2 Min Read Jan 30 (Reuters) - Rand Logistics Inc: * RAND LOGISTICS-ON JAN 29, CO, SOME UNITS, FILED BANKRUPTCY PETITIONS UNDER CHAPTER 11 IN THE U.S. BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE * RAND LOGISTICS - DEBTORS WILL CONTINUE TO OPERATE THEIR BUSINESSES AS DEBTORS IN POSSESSION UNDER JURISDICTION OF COURT - SEC FILING * RAND LOGISTICS - TRANSACTIONS CONTEMPLATED BY PLAN WILL MATERIALLY DE-LEVER CO‘S S BALANCE SHEET, ELIMINATING ABOUT $92 MILLION IN OUTSTANDING DEBT * RAND LOGISTICS-TRANSACTIONS UNDER PLAN TO RESULT IN LIGHTSHIP CAPITAL BECOMING OWNER OF SUBSTANTIALLY ALL OF CO‘S NEW STOCK UPON EMERGENCE FROM CHAPTER 11 * RAND LOGISTICS- DEBTORS TO ENTER A $25 MILLION FINANCING FACILITY WITH LIGHTSHIP ON STARTING OF THE BANKRUPTCY CASES * RAND LOGISTICS INC - DEBTORS HAVE ALSO RECEIVED A COMMITMENT FROM ALLY BANK FOR EXIT FINANCING TO REPLACE DEBTORS EXISTING REVOLVING CREDIT FACILITY * RA
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