Receivables - Indemnity Holdback Related to the Asset Sale

9 Months Ended

Mar. 31, 2015

Working Capital And Indemnity Holdback Related To Asset Sale Receivable [Abstract]

Receivables - Indemnity Holdback Related to the Asset Sale

Receivables – Indemnity Holdback Related to the Asset Sale

On August 22, 2014, the Company completed the Asset Sale. As of March 31, 2015, the estimated purchase price is $59.3 million, which includes a working capital adjustment of $1.7 million. As of March 31, 2015, the Company has received cash of $53.2 million and has recorded a receivable of $6.1 million for the indemnity holdback.

The indemnity holdback of $6.1 million is being held in escrow under the terms of an escrow agreement until February 2016 (the 18-month anniversary of the consummation of the Asset Sale). Within three business days after the 18-month anniversary of the closing of the Asset Sale, the then-available indemnity escrow holdback (less any pending Buyer claims), will be released and paid to the Company. The Company is currently not aware of any pending claims.