NOTE 4. LONG–TERM DEBT

Long–term debt consisted of the following:

	June 30, 2018			December 31, 2017
Credit facility:
Principal outstanding	$	20,000		$	5,000
Unamortized debt issuance costs		(378	)		(599	)
Carrying amount		19,622			4,401

Senior loan facility - principal outstanding		29,000			29,995

10% senior secured notes due 2019:
Principal outstanding		1,865			1,872
Unamortized debt issuance costs		(17	)		(25	)
Carrying amount		1,848			1,847

10% second lien notes due 2019:
Principal outstanding		6,965			85,239
Unamortized debt issuance costs		(10	)		(189	)
Carrying amount		6,955			85,050

Total debt		57,425			121,293
Current portion of long-term debt		—			(995	)
Total long-term debt	$	57,425		$	120,298

In January 2018, we consummated the Exchange related to our Second Lien Notes. Pursuant to a restructuring support agreement with holders of approximately 85% of the par value our of Second Lien Notes, we exchanged $78.0 million of our Second Lien Notes and $7 thousand of our Senior Notes for (i) 0.8 million shares of common stock, (ii) 0.03 million shares of Series A preferred stock, (iii) 0.9 million shares of Series B preferred stock, and (iv) 8.3 million Series C warrants. The Exchange was accounted for as an extinguishment and we recognized a gain of $0.1 million.

In conjunction with the Exchange, we also completed a consent solicitation relating to the Second Lien Notes to, among other things, release all the collateral from the liens securing the Second Lien Notes and remove substantially all restrictive covenants and delete certain events of default from the related indenture.

After the closing of the Exchange, the priority claims of our secured indebtedness were (i) the credit facility, which is secured by all of the existing collateral on a senior first lien priority basis, (ii) the senior loan facility, which is secured by all of the existing collateral on a junior first lien priority basis and (iii) the Senior Notes, which are secured by substantially all of the existing collateral on what is effectively a second lien priority basis as a result of the release of the liens on the collateral by the holders of the Second Lien Notes.

In February 2018, the maturity dates of our credit facility and senior loan facility were extended to January 2020.

The credit agreements and indentures for our credit facility, senior loan facility, Senior Notes and Second Lien Notes contain certain representations, warranties, covenants and other terms and conditions which are customary for agreements of these types. As of June 30, 2018, we were in compliance with these covenants.