Note 3 - Chapter 11 Proceedings and Emergence
|12 Months Ended|
Jan. 31, 2023
|Notes to Financial Statements|
|Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block]||
(3) Chapter 11 Proceedings and Emergence
Plan of Reorganization
On August 6, 2020, the Bankruptcy Court entered an order confirming the Plan of Reorganization and on August 27, 2020, the Debtors emerged from Chapter 11. On or following the Effective Date, pursuant to the Plan of Reorganization, the following occurred:
Exit Credit Facility - The Exit Credit Facility bore interest at a rate equal to LIBOR plus 7.50% per annum, with a LIBOR floor of 1.00%. The First Out Term Loan was due in December 2024 and the Second Out Term Loan was due April 2025. The Company refinanced the First Out Term Loan and Second Out Term Loan on July 16, 2021.
Accounts Receivable Facility
On August 27, 2020, the Company amended its accounts receivable facility. In connection with the amendment, additional capacity under the previous accounts receivable facility which had been extended by the private equity sponsor of the Company’s prior owner was eliminated, which reduced the maximum capacity of the facility from $90 million to $75 million. The maturity date for the remaining $75 million facility was extended to the earlier of (i) December 2024 or (ii) 90 days prior to the maturity of any corporate debt.
No definition available.
The entire disclosure for the description and amounts of reorganization under Chapter 11 of the US Bankruptcy Code.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef