June 29th, 2010 by Arjan Olsder Posted in Companies & M&A | No Comments »
NeuMedia, also known as Mandalay Media (OTC Bulletin Board MNDL) or Twistbox (or Waat Media) has announced debt restructuring plans as well as new investments to re-stabilize their finances.
NeuMedia has closed a new agreement with its senior and junior secured lenders which reduces its indebtedness owed from a total of approximately $26.5 million to $3.5 million. One of the ways NeuMedia is trimming down the debts is by offering its UK based subsidiary AMV Holdings to certain secured creditors. AMV is currently in an administration proceeding.
Also pursuant to the terms of the Agreement, certain major shareholders of the Company have invested $2.5 million in new senior secured convertible debt. Additionally, significant stockholders of NeuMedia (other than directors and officers of NeuMedia and their affiliates) will also be invited to invest in the new senior secured debt offering.
The remaining debt of $3.5 Million will have to be paid off in the next three years, at an interest rate of 10% per annum.
“Over the past twelve months, NeuMedia has taken several steps to strengthen its balance sheet and this announcement marks the final step in that journey. The company is now significantly healthier and well positioned to leverage its digital platforms, content relationships and proprietary technologies. Consumers today expect to experience digital content like music, games and video wherever they are, and whenever they want it. They want to be able to share their experiences with their friends as an extension of their social network. We are uniquely positioned to take advantage of this evolution, particularly with the infusion of additional capital to expand our presence on a wide variety of digital platforms,” said Ray Schaaf, NeuMedia’s President. Additionally, Mr. Schaaf stated, “NeuMedia appreciates the cooperation of the senior and junior debt lenders that have enabled the company to significantly reduce its debt and resolve its balance sheet issues.”
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