DDL Electronics Inc. announces approval for sale of Beaverton printed circuit board facility and agreement to pay off its senior debt.BEAVERTON, Ore.--(BUSINESS WIRE)--Dec. 12, 1994--DDL Electronics Inc. (NYSE NYSE See: New York Stock Exchange :DDL (1) (Data Description Language) A language used to define data and their relationships to other data. It is used to create the data structure in a database. Major database management systems (DBMSs) use a SQL data description language. ) announced today that the board of directors has approved an integrated plan to retire the company's senior bank debt by calendar year-end. Essential elements of the plan include completion of the previously announced sale of the Beaverton printed circuit board plant to Yamamoto Manufacturing U.S.A. Inc., the execution and consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of a definitive agreement that would result in the payoff of the current Sanwa Bank California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). obligation for $4.5 million of cash by Dec. 31, 1994, and payoff of the outstanding $5.3 million Industrial Revenue Bonds. The net financial impact of the successful completion of the plan would be to increase shareholder equity by approximately $5.8 million and remove the senior lenders' liens on the company's remaining assets. Implementation of the plan paves the way for DDL's management to focus on its previously announced acquisition and merger plan. In addition, the debt reduction plan will reduce the operating and competitive marketing limitations created by the company's historically large debt load, enabling the remaining operations to seek expansion of its customer base and service capabilities in 1995. The company has been advised by its largest shareholder, Fortuna Investment Partners, Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif., that the asset sale to Yamamoto and bank plan are strongly supported. CONTACT: DDL Electronics Inc., Beaverton, Ore. M. Charles Van Rossen, CFO See Chief Financial Officer. , 503/645-3807 |
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