Note 3 - Notes Payable

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

3.            Notes Payable

The Company’s senior credit facility has been amended and restated on three occasions, most recently on May 24, 2013, in connection with the effectiveness of the Plan. A summary of the terms of the senior credit facility is included in note 2, Reorganization, above. All of the outstanding Notes were cancelled on the Effective Date, pursuant to the Plan. See note 2, Reorganization, above.

Notes payable consists of the following:

	December 31,		June 30,
	2012		2013
Second amended and restated term credit facility, General Electric Capital Corporation; variable interest rate of 4.46% at December 31, 2012. The credit facility was secured by the total assets of the subsidiary guarantors. The unpaid balance was scheduled to be due October 31, 2013.	$	162,000,000	$	—
Third amended and restated term credit facility, General Electric Capital Corporation; variable interest rate of 6.50% at June 30, 2013. The credit facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due April 30, 2016.		—		133,300,000
13% Senior Subordinated Notes due 2019; premium amortization for the three and six months ended June 30, 2012 was $28,659 and $56,499, respectively. Premium amortization for the three and six months ended June 30, 2013 was $0 and $31,260, respectively.		100,490,023		—
13% Senior Subordinated Notes, held separately, due 2019.		8,500,000		—
Total notes payable	$	270,990,023	$	133,300,000
Less: current portion		270,990,023		6,665,000
Long-term notes payable	$	—	$	126,635,000

Associated with these notes payable, the Company has capitalized and amortized deferred financing costs using the effective interest method.  The Company has capitalized $2.7 million in deferred financing costs associated with the senior credit facility.

The Company had revolving credit facilities on June 30, 2013 and December 31, 2012 of $5,000,000 and $15,000,000, respectively. The filing of the Reorganization Cases terminated our revolving loan commitments under our senior credit facility. Upon the Effective Date, the revolving loan commitments were reinstated at $5.0 million. Those commitments have been extended until April 30, 2016. There was no balance outstanding as of June 30, 2013 or December 31, 2012. The Company pays a commitment fee of 0.50% per annum, payable quarterly in arrears, on the unused portion of the revolver loan. The commitment fee expense was $13,681 and $32,431 for the three and six months ended June 30, 2013, respectively, and $18,959 and $37,917 for the three and six months ended June 30, 2012, respectively.

Maturities of long-term notes payable for the next five years are as follows:

2013 (remaining)	$	3,332,500
2014		6,665,000
2015		6,665,000
2016		116,637,500
2017		—
Thereafter		—
Total	$	133,300,000

The Company’s notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of June 30, 2013, the Company was in compliance with all such covenants and restrictions.