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

12 Months Ended

Dec. 29, 2013

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 29, 2013 and at December 30, 2012 consisted of the following:

(amounts in thousands)	December 29, 2013		December 30, 2012
Overdraft	$	—	$	568
Term loans	—		2,272
Other short-term borrowings	—		889
Current portion of long-term debt	435		638
Total short-term borrowings and current portion of long-term debt	$	435	$	4,367

In December 2011, we entered into a new five-year Hong Kong banking facility. In June 2012, $8.0 million (HKD 61.8 million) was paid in order to extinguish our existing Hong Kong term loan.

In February 2012, we entered into a $3.2 million Sri Lanka banking facility, which included a $2.7 million term loan, and a combined $0.5 million sublimit for an overdraft/import line. In June 2013, in connection with the sale of our 51% interest in our Shore to Shore Sri Lanka entity, the outstanding balance of the banking facility was transferred to the entity holding the non-controlling interest. The balance of the banking facility at the date of transfer was $1.5 million.

In March 2013, we entered into a new $2.3 million Sri Lanka term loan. Borrowings under this loan were used to pay down the Sri Lanka banking facility in the second quarter of 2013. In June 2013, in connection with the sale of our 51% interest in our Shore to Shore Sri Lanka entity, the outstanding balance of the term loan was transferred to the entity holding the non-controlling interest. The balance of the term loan at the date of transfer was $2.2 million.

In October 2009, we entered into a $12.0 million (€8.0 million) full-recourse factoring arrangement in Germany. In September 2012, $7.4 million (€5.7 million) was paid in order to extinguish this short-term full-recourse factoring agreement.