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Reorganization
12 Months Ended
Dec. 31, 2012
Reorganization  
Reorganization

Note 15 — Reorganization

 

In December 2012, we announced that we entered into an investment agreement with a syndicate formed by an affiliate of Colony Capital, LLC (the “Colony Syndicate”) pursuant to which the Colony Syndicate agreed to provide $60.0 million of new capital to support a proposed recapitalization of the Company, with the Colony Syndicate becoming the controlling stockholder of the Company.  In addition, our lenders have agreed to restructure our existing $346.4 million secured credit facility to a new five year term loan.  This expected transaction is being implemented through an expedited Chapter 11 bankruptcy process.  As a result, we incurred legal and other professional costs related to our Chapter 11 filing and reorganization efforts.  During 2012, we expensed $14.6 million of these costs.  All expenses are included in operating expenses on the Consolidated Statements of Operations.