Short-Term Borrowings And Current Portion Of Long-Term Debt

12 Months Ended

Dec. 30, 2012

Short-term Debt, Debt Default [Abstract]

Short-Term Borrowings And Current Portion Of Long-Term Debt

SHORT-TERM BORROWINGS AND CURRENT PORTION OF LONG-TERM DEBT

Short-term borrowings and current portion of long-term debt at December 30, 2012 and at December 25, 2011 consisted of the following:

(amounts in thousands)	December 30, 2012		December 25, 2011
Overdraft	$	568	$	405
Full-recourse factoring liabilities	—		8,809
Term loans	2,272		9,125
Other short-term borrowings	889		2,529
Current portion of long-term debt	638		910
Total short-term borrowings and current portion of long-term debt	$	4,367	$	21,778

In December 2011, $4.2 million (HKD 32.5 million) was paid in order to extinguish our existing Hong Kong banking facility and other outstanding Hong Kong debt. In December 2011, we entered into a new five-year Hong Kong banking facility. As of December 25, 2011, $8.4 million (HKD 65.0 million) was outstanding on the term loan. In June 2012, $8.0 million (HKD 61.8 million) was paid in order to extinguish our existing Hong Kong term loan. The term loan was included in short-term borrowings in the accompanying Consolidated Balance Sheets.

In connection with the acquisition of the Shore to Shore businesses, the Company assumed debt of $4.2 million. In June 2012, $0.7 million (INR 37.2 million) was paid in order to extinguish an overdraft facility and other short-term borrowings in the accompanying Consolidated Balance Sheets. As of December 30, 2012 and December 25, 2011, $3.9 million and $3.8 million related to the assumed debt remained outstanding, respectively. The debt assumed includes capital leases, accounts receivable factoring arrangements, term loans, an overdraft facility, and other short-term loans. With the exception of the capital leases, the banking facilities are subject to the banks’ rights to call the liabilities at any time, and are therefore included in short-term borrowings in the accompanying Consolidated Balance Sheets.

In February 2012, the Company entered into a $3.2 million Sri Lanka banking facility, which includes a $2.7 million term loan, and a combined $0.5 million sublimit for an overdraft/import line. As of December 30, 2012, $2.3 million and $0.5 million were outstanding on the term loan and overdraft/import line, respectively.

In November 2010, we entered into a Japanese local line of credit for $1.8 million (¥150 million). During the fourth quarter of 2011, our Japanese local line of credit of $1.9 million (¥150 million) was paid down.

In October 2009, the Company entered into a $12.0 million (€8.0 million) full-recourse factoring arrangement. As of December 25, 2011, our short-term full-recourse factoring arrangement equaled $8.8 million (€6.8 million) and was included in short-term borrowings in the accompanying Consolidated Balance Sheets. In September 2012, $7.4 million (€5.7 million) was paid in order to extinguish our existing short-term full-recourse factoring agreement in Germany. The arrangement was included in short-term borrowings in the accompanying Consolidated Balance Sheets.