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Preferred stock
12 Months Ended
Dec. 26, 2014
Equity [Abstract]  
Preferred stock
Preferred stock

On January 21, 2013, upon the cancellation of a warrant, we issued 1,000 shares of Series A non-voting preferred stock to Oaktree. We recorded a mark-to-market adjustment of $2.9 million to other expense, net to adjust the warrant liability to $15.1 million at the cancellation date. The cancellation of the warrant and issuance of the 1,000 shares of preferred stock resulted in the settlement of the warrant liability and an increase to additional paid-in-capital of $15.1 million.

In accordance with the Investment Agreement, as amended in February 2014, the 1,000 shares of Series A preferred stock were converted into 8.2 million shares of our common stock upon completion of the Exchange Transaction on February 21, 2014.
 
Pursuant to the Investment Agreement, as amended in February 2014, we agreed to grant Oaktree an expansion of its right to nominate individuals to serve as members of our Board of Directors.  As such, we agreed to appoint three of Oaktree’s designees to the Board and to expand the current number of directors of the Board from seven to nine. We also agreed that, in connection with any meeting of our shareholders at which directors are to be elected, Oaktree shall have the right to designate individuals to our slate of director nominees in proportion to its equity ownership of the Company. So long as Oaktree beneficially owns a majority of our outstanding common stock, it will have the right to designate no less than a majority of the individuals comprising the members of such slate.