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Under the agreement Vicis has invested an additional USD1.0m in the company. In turn, Brookside has issued to Vicis 1,000,000 shares of the company's Series A convertible preferred stock and a warrant to purchase 100,000,000 shares of common stock at an exercise price of USD0.01 per share.
In addition, effective 1 June 2009, the company and its senior creditor, Chatham Credit Management III LLC, have entered into a letter agreement under which, among other things, Chatham waived all existing defaults of the company's senior credit facility, and agreed to suspend the compliance of the minimum fixed charge coverage ratio and maximum leverage ratio contained in the credit agreement.
Brookside said that it is currently in full compliance with the Chatham credit agreement.
According to Michael Nole, chairman and CEO of the company, this additional equity infusion and the modification of the senior credit facility will provide the company with the liquidity needed to more effectively navigate the challenges of the current economic environment.
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