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M~Wave Announces Developments in its Restructuring
October 15, 2003 |Estimated reading time: 1 minute
West Chicago — M~Wave Inc. announces the following developments in its restructuring.
The engagement of Credit Support International LLC's (CSI), originally made April 15, 2003, for 120 days, was extended through August 31, 2004. CSI will continue to provide its services to M~Wave exclusively through its managing member, Jim Mayer. Mayer will report to the M~Wave Board and assumes the title of chief restructuring advisor. Mayer has 18 years of experience and has managed or directed more than 50 engagements with troubled companies through which he has provided a variety of services directly to clients, including due diligence, workout, collateral control, corporate restructuring, bankruptcy support, cross-border secured finance and interim management. Mayer has served on several boards of directors including the Turnaround Management Association.
On October 1, 2003, M~Wave entered into a new $2.4 million loan with Bank One NA that will mature on December 31, 2003, and will require monthly payments of interest at the bank's prime rate. This loan replaces the unpaid portion of the Industrial Revenue Bonds (IRB) that were used to fund the acquisition of the land and construction of the company's manufacturing plant located in West Chicago, Ill., and a related forbearance agreement with the bank. Upon signing the new loan, the company is no longer in default of its obligations to the bank arising pursuant to the IRB.
Commencing September 1, 2003, M~Wave committed to a vendor trade debt restructuring plan that calls for the company to pay trade creditor balances of $3.1 million in a staggered three-pronged process commencing in September and extending through December 2003 to the end of first quarter 2004.
M~Wave is a value-added service provider of high performance circuit boards. For more information, visit www.mwav.com.