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The restructuring will include a substantial reduction in the level of the Company's debt to its banks and Israel Corp., deferrals of remaining principal and interest, and a waiver from compliance with financial covenants for an extended period of time. This arrangement will also include an investment in the Company by Israel Corp. The Company expects that these negotiations, currently in an advanced stage, will result in an improved balance sheet and reduced level of debt. There can be no assurance that an agreement will be concluded.
As previously announced, in connection with the joint press release dated May 19, announcing that the Company and Jazz Technologies entered into a definitive agreement and Plan of Merger and Reorganization, Jazz has set August 8, as the record date for a Special Meeting of Stockholders to vote on, approve and adopt the merger.
The company is in the process of filing an amendment to its Form F-4 with the SEC together with a request for effectiveness.
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