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Note 12 - Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Text Block]
12.         Subsequent Events

     The Company is engaged in negotiations with the lenders under its senior credit facility with respect to a potential balance sheet restructuring.  On October 5, 2012, the Company retained restructuring counsel to aid in these negotiations. Together with its advisors, the Company will evaluate its alternatives.

     On November 6, 2012, the Company announced that its board of directors had exercised its contractual right under the indenture governing the Company’s senior subordinated notes to defer interest on the senior subordinated notes for the fourth quarter 2012. Under this indenture, the Company’s board of directors is permitted to defer interest on up to four occasions with respect to up to two quarters per occasion before resuming interest payments, including paying interest on the deferred interest.  The Company previously deferred interest on the senior subordinated notes for the third quarter 2012. The deferral of the interest for fourth quarter 2012 will conserve $3.5 million in cash.  Before deferring interest for an additional period beyond fourth quarter 2012, the Company would be required to pay the deferred interest of $7.0 million plus interest on the deferred interest.