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Ampex extends maturity of senior discount notes, pushes back cash test
New York, March 30 - Ampex Corp. said it agreed with holders of its senior debt securities to extend the maturity of its senior discount notes and to push back the date by which it has to meet a test of net available cash.
The senior discount notes will now mature on Jan. 5, 2006 instead of Jan. 5, 2005.
For the test of net available cash, Ampex now has to generate at least $30 million by Dec. 31, 2006 instead of Dec. 31, 2004.
As of Sept. 30, 2003, the Redwood City, Calif., company had $9.29 million of senior discount notes and $59.26 million of senior notes outstanding, according to a 10-Q filing with the Securities and Exchange Commission.
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