Acterna Receives Court Approval for DIP Financing.Business Editors/High-Tech Writers GERMANTOWN, Md.--(BUSINESS WIRE)--June 19, 2003 Acterna today announced that it has received final Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approval for a $30 million debtor-in-possession (DIP) financing package arranged by a group of banks led by JP Morgan Chase Bank and General Electric Capital Corporation. On May 6, Acterna announced the terms of a pre-negotiated debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: plan, including the DIP financing, and filed for chapter 11 bankruptcy court protection. "Combined with our cash position, this financing ensures Acterna's ability to fund our business plan and a substantial investment in research and development to deliver the optical, access and cable communications test solutions important to our customers," said John Peeler, Acterna's president and chief executive officer. "We are pleased with a financing package that reinforces our commitment to Acterna's strategic suppliers and fuels our ability to deliver innovation that helps our customers achieve greater network efficiency and productivity." Based in Germantown, Maryland, Acterna Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ACTRQ.OB) is the holding company for Acterna, da Vinci da Vinci Surgery A surgical robot for performing certain surgeries–eg, mitral valve repair and laparoscopic procedures–eg, cholecystectomy and gastric ulcer repair. See Laparoscopic surgery, Robotics, Surgical robot. Systems and Itronix. Acterna is the world's second largest communications test and management company. The company offers instruments, systems, software and services used by service providers, equipment manufacturers and enterprise users to test and optimize performance of their optical transport, access, cable, data/IP and wireless networks and services. da Vinci Systems designs and markets video color correction Altering the colors in an image in order to print or display it properly or for special effects. Depending on the application, color correction can be a significant problem if the resulting image must be approved or a purchase is made because of color choice. systems to the video postproduction post·pro·duc·tion n. A final stage in the production of a film or a television program, occurring after the action has been filmed or videotaped and typically involving editing and the addition of soundtracks. industry. Itronix sells ruggedized computing devices for field service applications to a range of industries. Additional information on Acterna is available at http://www.acterna.com. Certain statements contained herin constitute "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be different from those contemplated. We assume no obligation to update the forward-looking statements contained herin to reflect actual results, changes in assumptions or changes in factors affecting such statements. |
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