Rand Logistics (RLOG) Enters Amended Credit Agreements, Event Default Waivers
- Unemployment Rate Drops to 4.6%
- Unusual 11 Mid-Day Movers 12/2: (ASNA) (HTBX) (REPH) Higher; (PLX) (MEMP) (DRYS) Lower
- Bond yields fall on U.S. jobs data, euro flat before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Rand Logistics, Inc. (Nasdaq: RLOG) announced that it has completed agreements with its lenders to amend its credit agreements and waive certain events of defaults (the “Amendment and Wavier Agreements”).
Pursuant to the Amendment and Waiver Agreements, among other things, the Company loosened its senior and total debt financial covenants. Additional summary information has been provided in Rand’s Quarterly Report on Form 10-Q filed with the Securities Exchange Commission on August 26, 2016 and the Amendment and Waiver Agreements are filed as exhibits to the 10-Q.
“We are pleased to have the support of our lenders and appreciate their confidence in the Company's future,” said Mark S. Hiltwein, Rand’s Chief Financial Officer. “Combined with our available liquidity, which is currently over $40 million, our amended financial covenants have been reset to reflect the more than twenty percent decline in the Canadian dollar versus the US dollar over the past two years, when the pre-amendment covenant levels were set. We remain focused on strengthening our balance sheet by reengineering various processes, including working capital management and capital expenditures, and implementing our cost reduction initiatives. We are making consistent progress on these initiatives and are continuing to focus on our deleveraging objectives.”
Pending completion of the Amendment and Waiver Agreements, the Company received a non-compliance letter from The Nasdaq Stock Market LLC for failure to timely file the above-mentioned Quarterly Report on Form 10-Q. The Company regained compliance upon filing the Form 10-Q, confirmation of which has been received from Nasdaq.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Sears Holdings (SHLD) Director Mnuchin Resigns Amid Trump Nod
- Senseonics Holdings (SENS) Enters Expanded Distribution Agreement with Roche (RHHBY)
- Delta Air Lines (DAL) Names New Chief Communications Officer
Create E-mail Alert Related CategoriesCorporate News, Management Comments
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!