Southern California diagnostic imaging center operator Primedex Health Systems is seeking to restructure its total convertible subordinated debentures that were due on June 30 this year. The firm reported that it had received consents from holders of more than $11 million of the total $16.3 debentures to extend the debenture term through 2008.
However, the company determined that financing for the remaining $5.3 million in debentures would be too costly and is seeking bankruptcy court protection for restructuring of the entire amount under extension terms already agreed to by approximately 70% of the debenture holders.
The Los Angeles-based firm said that the bankruptcy filing should have no impact other than restructuring of the debentures and should be concluded before October 31, its fiscal year end.
By AuntMinnie.com staff writersJuly 29, 2003
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