High Voltage Engineering fails to make interest payment, in discussions with noteholders

By Carlise Newman

Chicago, Aug. 19 - High Voltage Engineering Corp. failed to make the semi-annual interest payment on its $155 million 10.5% senior notes maturing August 2004 on Aug. 15. The company said it is in discussions with noteholders regarding a restructuring of the notes.

Several of the larger noteholders formed an ad hoc committee and have retained financial advisors and counsel to facilitate discussions on the restructuring.

High Voltage has retained Evercore Partners as its financial advisor and Goulston & Storrs PC as counsel for the restructuring discussions.

"HVE will continue to conduct business as usual with its customers and suppliers in each of its businesses during this restructuring of HVE's senior notes, which should result in a significantly improved balance sheet to allow HVE's businesses to continue to grow and satisfy the needs of HVE's customers," Joseph McHugh Jr., chief financial officer, said in a news release.

High Voltage is a Wakefield, Mass.-based engineering company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.