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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2016
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

20 - SUBSEQUENT EVENTS

 

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presents in these condensed consolidated financial statements reflect the reverse stock split.  Refer to Note 6 — Net Loss per Common Share and Note 18 — Stock-Based Compesation. 

 

On August 9, 2016, the Company entered into waiver agreements with the other parties under the 2014 Term Loan Facilities which extend the existing waivers of the collateral maintenance covenant under such facilities through 11:59 p.m. on October 15, 2016 and provide for waivers of the maximum leverage ratio covenant through such time.  Such waivers will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.  Refer to Note 8 — Debt.