News
DALLAS – Maybe YA Global Investments doesn’t want EMS firm TXP after all.
The two companies reached a forbearance agreement today, under which YA Global agreed to forbear from exercising its rights and remedies, provided TXP pay $250,000 per month beginning March 20.
The deal heads off a default by TXP, under which YA Global could have helped itself to the former’s assets. As of Dec. 17, TXP owed YA Global about $10.2 million, an amount in line with the EMS firm's annual revenues.
In addition, TXP must achieve positive cash flow from operations for the month ending Aug. 30, and cash flow from operations shall remain positive for each quarter thereafter; implement a YA Global-approved cost-cutting/growth plan no later than Jan. 30; and ensure a minimum $2 million of its current and future orders will return average profit margins of at least 25%.
DALLAS -- EMS company TXP Corp. took another blow
last week as a major creditor demanded reimbursement by today.
YA Global on Jan. 8 notified TXP of its default over a failure to pay more than $250,000 and is demanding the company assemble all its pledged property, which YA Global intends to take possession of today.
YA Global on Jan. 8 notified TXP of its default over a failure to pay more than $250,000 and is demanding the company assemble all its pledged property, which YA Global intends to take possession of today.
SANTA CLARA, CA – EMS firm NBS will acquire CompServ, whose president will head the companies, the company said today. Financial terms of the deal were not disclosed.
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