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Debt
3 Months Ended
Mar. 31, 2012
Long-term Debt, Unclassified [Abstract]  
Debt Disclosure [Text Block]
Debt
In August 2012, the Company filed for reorganization under Chapter 11 of title 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York in order to effectuate a pre-packaged financial restructuring. In accordance with the plan of reorganization, the Company issued 10.5% Senior Secured Notes due 2017 with an aggregate principal amount of $150,000 and canceled approximately $316,209 of its 11 3/8% notes, including accrued interest. No other claims were compromised. The Company successfully concluded the bankruptcy and emerged from Chapter 11 on November 13, 2012.
The Notes are fully, unconditionally and irrevocably guaranteed on a senior secured basis, jointly and severally, by each of the Company’s existing and future domestic restricted subsidiaries. The Notes and the guarantees rank senior in right of payment to all existing and future subordinated indebtedness of the Company and its subsidiary guarantors, as applicable, and equal in right of payment with all existing and future senior indebtedness of the Company and of such subsidiaries.
The Notes and the guarantees are secured by a lien on substantially all of the Company’s assets provided, however, that pursuant to the terms of an intercreditor agreement, the security interest in those assets consisting of receivables, inventory, deposit accounts, securities accounts and certain other assets that secure the Notes and the guarantees are contractually subordinated to a lien thereon that secures the Company’s revolving credit facility (the Company’s revolving credit facility in place from time to time, the “Revolving Credit Facility”) with an aggregate principal amount of $25,000 and certain other permitted indebtedness.