STG Logistics Enters Chapter 11, Says Operations Will Continue Uninterrupted [Yahoo! Finance]
SOFTBANK GRP UNSP/ADR (SFTBY)
NASDAQ:AMEX Investor Relations:
softbank.jp/en/corp/irinfo/presentations
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Source: Yahoo! Finance
Filed in a New Jersey bankruptcy court, the “port-to-door” cargo hauling and transloading company entered into restructuring support agreement with its lenders that eliminated roughly 91 percent of the firm's debt and provides $150 million in new debtor-in-possession (DIP) financing. In total, STG is reducing its debt load by approximately $952 million. More from Sourcing Journal Saks Global Files for Chapter 11 Bankruptcy Vendors Speak Out About Saks Global's Potential Bankruptcy Logistics Giants Expand Mexico Operations as Cross-Border Trade Volumes Climb The intermodal and drayage services company intends to use up to the maximum amount of new capital received to support core business operations during the Chapter 11 process. STG expects to exit the bankruptcy in five months. On the company website, STG said in its filing that a Chapter 11 bankruptcy does not mean the company is going out of business or liquidating its assets. But the debt-for-equity swap will result
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