CPS Receives $16 Million Investment, Clears Defaults.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--March 24, 2000 Consumer Portfolio Services Inc. (Nasdaq:CPSS CPSS Committee on Payment and Settlement Systems CPSS Commission on Public Secondary Schools CPSS Cincinnati Prehospital Stroke Scale (STR - Smile, Talk, Raise both arms) CPSS Certified Professional Soil Scientist ) Friday announced that it has successfully restructured its outstanding privately held debt. In the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , Consumer Portfolio's existing senior subordinated lender, Levine Leichtman Capital Partners, lent an additional $16 million to Consumer Portfolio, bringing Levine Leichtman's total direct investment in the company to $46 million. The proceeds of the new loan were used to repay in full Consumer Portfolio's existing senior secured lenders (a syndicate led by State Street Bank & Trust Co.). Also in the transaction, all existing defaults with respect to Consumer Portfolio's outstanding indebtedness have been waived or cured. "This new investment by Levine Leichtman is a vote of confidence. The resulting additional liquidity puts the company in its strongest position in over a year," said Charles E. Bradley, Jr., president and chief executive officer of Consumer Portfolio. Consumer Portfolio Services purchases, sells and services retail installment sales Installment sale The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. contracts originated predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. by franchised dealers for new and late model used cars. The company finances automobile purchases through approximately 2,000 dealers across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Levine Leichtman Capital Partners is a private investment firm with in excess of $450 million of institutional capital for investment in middle market companies headquartered in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . The firm provides debt and equity capital to companies for growth and expansion. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion