Wed, Jun 18, 2003
Great 'Second Chance' in Golden Anniversary Year
Mooney Aerospace Group, Ltd (the general aviation
holding company that owns Mooney Airplane Co) has reached agreement
and implemented a restructuring plan with all of its convertible
note holders to waive all outstanding defaults and set fixed note
conversion prices. The floating conversion features have been
removed. In connection with the restructuring, the Company has
received more than $5,000,000 of new funding. (What that means in
English, is that the company's financial burdens are significantly
lighter.)
Details: the conversion price for the holders of
secured notes is half of the conversion price set for holders of
unsecured convertible notes and the holders of preferred stock. All
of the convertible note holders have waived all prior defaults,
including all accrued damages, and have also agreed to cancel all
outstanding warrants held by them. In addition, the unsecured note
holders have extended the maturity date of their notes by three
years to June 2006. The interest rate on the notes has been reduced
from 8% to 3%, which will result in substantial savings to the
Company.
J. Nelson Happy, President of Mooney Aerospace Group, Ltd,
stated: "We are pleased to have this restructuring behind us, and
gratified by the confidence shown by our investors, both old and
new, by taking this step. We believe that this restructuring will
go a long way to insure the company's future by helping to clean up
its capital structure. Not many companies get a second chance from
their investors like the one we have just received, and we hope to
make the most of this opportunity for the Company and its
shareholders."
The Company will file a Form 8-K detailing the transaction. The
fast birds are flying.
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