It's been a while for Sonny on the debt issue, but it's good to see him getting it under control. That choking $20M debt with Herc has been hanging over this company since Summer 2014. Not to mention that stinking cash liquidity covenant of $11M, originally. CEO Eric Olson and the CFO lost their jobs back in Fall of 14 because they stole the company from the stockholders (many of them bought in on the IPO). Crooked Olson than gave Amedica (along with all the IP) to Herc and their vulture-fund sidekick for less than $9M ($20M-$11M). Now overall debt is $12.9M, Herc is down to $11.1M, and the vultures are gone. And the covenant is down to $5M. And on top of that, the equity didn't get killed any more than the walking dead it was before Riverside. Just shows you what someone who isn't a #$%$ can do with a good company, which has a product that Sonny really believes in.
Kudos to CEO Bal ! He just saved what remains of this company's equity, and what's left of the shareholders -- which after the last two trading days, I can consider myself back in.
Nope; this will spend a long time in the BK courts since the creditors are all unsecured. Once it hits 15, there should be a few bounces up to 50 as the courts try to sort it all out.
....OR Since their debt is all unsecured, maybe the money boys will just let it run until prices recover and UPL can start paying back. The next interest payment is next month and the CEO says he'd rather not say at this time if he's making the payment -- very telling.