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Long-term debt (Tables) | 12 Months Ended
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Mar. 25, 2017
Debt Disclosure [Abstract] |
Summary of Long-Term Debt |
(a) | Long-term debt consists of the following:
|  | As of |
|  | March 25, 2017 |  |  | March 26, 2016 |
|  | (In thousands) |
Senior secured term loans that are subordinated in lien priority to the Company’s senior secured revolving credit facility. The loan bears interest at an annual rate of LIBOR plus 9.75% on $28 million of debt. $5 million was repaid in December 2016. The term of the loan expires in May 2021. |  | $ | 26,952 |  |  | $ | 32,186 |
Term loan from Investissement Quebec, bearing interest at an annual rate of Canadian prime plus 7.0%, repayable beginning in October 2014 in 60 equal monthly principal payments of $62,314 (CAD$83,333), secured by the assets of the Company. The balance at March 25, 2017 and March 26, 2016 was CAD$2.9 million and CAD$3.7 million, respectively (b). |  |  | 2,141 |  |  |  | 2,786 |
Term loan from Investissement Québec, bearing interest at an annual rate of Canadian prime plus 5.5%, repayable beginning in April 2012 in 48 equal monthly capital repayments of $155,786 (CAD$208,333), secured by the assets of the Company. The balance at March 25, 2017 and March 26, 2016 was CAD$1.0 million and CAD$3.1 million, respectively (b). |  |  | 779 |  |  |  | 2,355 |
Term loan from Investissement Québec, bearing interest at an annual rate of Canadian prime plus 10%, repayable beginning in August 2015 in 48 equal monthly principal payment of $31,157 (CAD$41,667), secured by the assets of the Company. The balance at March 25, 2017 and March 26, 2016 was CAD$1.4 million and 1.8 million respectively (b) |  |  | 1,061 |  |  |  | 1,383 |
Obligations under capital leases, at annual interest rates between 3.6% and 14.9%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to March 2021. |  |  | 902 |  |  |  | 1,719 |
Cash advance provided by the Company’s controlling shareholder, Montrovest, bearing interest at an annual rate of 11%, net of withholding taxes (note 16(c)) |  |  | 1,500 |  |  |  | 1,500 |
Senior secured term loan that is subordinated in lien priority to the Company’s senior secured revolving credit facility. The loan bore interest at an annual rate of LIBOR plus 9.75%. The loan was repaid in May 2016. |  |  | — |  |  |  | 1,215 |
Obligation under capital lease on land and building, pursuant to a sale-leaseback transaction. This obligation was terminated in November 2016 upon the sale of the Montreal head-office building. The balance at March 25, 2017 and March 26, 2016 was nil and CAD$12.1 million, respectively (f). |  |  | — |  |  |  | 9,141 |
|  |  | 33,335 |  |  |  | 52,285 |
Current portion of long-term debt |  |  | 2,810 |  |  |  | 5,634 |
|  | $ | 30,525 |  |  | $ | 46,651 |
Summary of Future Minimum Lease Payments for Capital Leases |
(c) | Future minimum lease payments for capital leases required in the following five years and thereafter are as follows (in thousands):
Year ending March: |  |  |  |
2018 |  | $ | 592 |
2019 |  |  | 125 |
2020 |  |  | 92 |
2021 |  |  | 92 |
2022 |  |  | 67 |
Thereafter |  |  | — |
|  |  | 968 |
Less imputed interest |  |  | 66 |
|  | $ | 902 |
Summary of Principal Payment on Long Term Debt Including Obligation Under Capital Lease |
(d) | Principal payments on long-term debt required in the following five years and thereafter, including obligations under capital leases, are as follows (in thousands):
Year ending March: |  |  |  |
2018 |  | $ | 2,810 |
2019 |  |  | 1,191 |
2020 |  |  | 712 |
2021 |  |  | 27,057 |
2022 |  |  | 65 |
Thereafter |  |  | 1,500 |
|  | $ | 33,335 |

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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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