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The Management Buyout Group intends to make equity in the Company available to approximately 50 members of management in sales, operations, workforce management, information technology and finance if its proposal is accepted, including Vincent A. Wasik, Chief Executive Officer; Edward W. Stone, Chief Financial Officer; Jeffery Hendrickson, President and Chief Operating Officer; Andrew Kronick, Executive Vice President; Kay Durbin, Executive Vice President Workforce Management, Alexander Paluch, Chief Technology Officer and Mark Carlesimo, General Counsel.
The holders of the Company's Senior Notes required, as a condition to their consent to the new Burdale revolving credit facility, that the Company initiate a process to attempt to sell the Company or all or substantially all of its assets or Senior Notes. To begin to satisfy its obligations under that covenant, the Company appointed a special board committee of independent directors. The Committee engaged the firm Scura, Rise & Partners Securities, LLC to act as exclusive financial advisor to the Committee to assist it in attempting to effectuate a Transaction. The Committee has also engaged independent legal counsel to assist in its work.
Management has stated that its offer will remain open until June 12. Other parties will have an opportunity to submit offers to purchase the Company with the complete cooperation of management. There can be no assurance that any agreement will result from the Committee's evaluation of the proposal by the management buyout group nor whether there will be any other offers, nor whether any sale will be completed.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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