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LONG-TERM DEBT AND FINANCE LEASES
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
LONG–TERM DEBT AND FINANCE LEASES

NOTE 3.  LONG–TERM DEBT AND FINANCE LEASES

 

Long–term debt and finance leases consisted of the following:

 

 

 

June 30,

2019

 

 

December 31,

2018

 

 

 

 

 

 

 

(Restated)

 

Credit facility:

 

 

 

 

 

 

 

 

Principal outstanding

 

$

22,000

 

 

$

12,334

 

Unamortized debt issuance costs

 

 

(101

)

 

 

(125

)

Carrying amount

 

 

21,899

 

 

 

12,209

 

 

 

 

 

 

 

 

 

 

Senior loan facility:

 

 

 

 

 

 

 

 

Principal outstanding

 

 

29,000

 

 

 

29,000

 

Unamortized debt issuance costs

 

 

(1,845

)

 

 

(2,448

)

Carrying amount

 

 

27,155

 

 

 

26,552

 

 

 

 

 

 

 

 

 

 

6% senior secured convertible notes due 2023:

 

 

 

 

 

 

 

 

Principal outstanding

 

 

60,000

 

 

 

60,000

 

Unamortized debt discount and debt issuance costs

 

 

(14,667

)

 

 

(15,906

)

Carrying amount

 

 

45,333

 

 

 

44,094

 

 

 

 

 

 

 

 

 

 

10% senior notes due 2019:

 

 

 

 

 

 

 

 

Principal outstanding

 

 

6,953

 

 

 

6,957

 

Unamortized debt issuance costs

 

 

 

 

 

(4

)

Carrying amount

 

 

6,953

 

 

 

6,953

 

 

 

 

 

 

 

 

 

 

Finance leases

 

 

806

 

 

 

1,234

 

 

 

 

 

 

 

 

 

 

Total debt

 

 

102,146

 

 

 

91,042

 

Current portion of long-term debt and finance leases

 

 

(7,759

)

 

 

(7,837

)

Total long-term debt and finance leases

 

$

94,387

 

 

$

83,205

 

 

In March 2019, the maturity date of our senior loan facility was extended to January 4, 2021.

 

In the three months and six months ended June 30, 2019, we recorded interest expense of $1.5 million and $3.0 million, respectively, related to the 6% senior secured convertible notes due 2023 (the “2023 Notes”), of which $0.9 million and $1.8 million, respectively, related to contractual interest expense.

 

The credit agreements and indentures for our credit facility, senior loan facility, 2023 Notes and 10% senior notes due 2019 (the “Senior Notes”) contain certain representations, warranties, covenants and other terms and conditions which are customary for agreements of these types.  As previously disclosed, as a result of certain circumstances giving rise to, or occurring as a result of, the restatement, as of June 30, 2019, certain events of default had occurred under these agreements.  We repaid in full the Senior Notes at maturity in September 2019.  In September 2019, we entered into forbearance agreements with respect to our credit facility, senior loan facility and 2023 Notes, whereby the holders of the indebtedness thereunder agreed to refrain from exercising their rights and remedies with respect to events of default that have occurred and other potential defaults or events of default that may occur as further specified in the forbearance agreements until 5:00 p.m. (New York City time) on the earlier of (i) November 30, 2019 and (ii) the date the forbearance agreements otherwise terminated in accordance with their terms.  The November 30, 2019 deadline was ultimately extended to February 7, 2020.  On February 7, 2020, we entered into amendments and waivers to our credit facility, senior loan facility and the indenture governing the 2023 Notes to, among other things, waive existing events of default thereunder and amend certain covenants requiring us to deliver financial statements, reports, projections and other items thereunder.