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ASHS trades stock for debt relief
American Shared Hospital Servicesof San Francisco reached a long-negotiated restructuring of itsdebt and scanner lease obligations this month. The agreement istentative, pending shareholder approval, hopefully in June. However,ASHS chairman Dr. Ernest A.
American Shared Hospital Servicesof San Francisco reached a long-negotiated restructuring of itsdebt and scanner lease obligations this month. The agreement istentative, pending shareholder approval, hopefully in June. However,ASHS chairman Dr. Ernest A. Bates is also the primary shareholderin the shared imaging services provider.
Following approval of the deal, the firm's three leading creditorswill exchange $18.1 million in outstanding ASHS debt securitiesfor new stock in the company, which will give them 92% of thefirm's equity. Existing shareholders would have their stake reducedto about 5% of equity.
"The mergers and consolidations that now are occurringin the health-care industry will be necessary for success in ourbusiness," said Bates. "This restructuring helps positionthe company to be a leader in any such consolidation."
ASHS has traditionally focused on the supply of mobile andfixed/mobile services using high-field GE Signa MRI systems. Whilenot naming the vendor specifically, ASHS said that its primaryequipment lessor will be given a warrant to acquire about 3% ofcompany stock following the restructuring.
Unpaid lease and service payments will be converted into asecured seven-year note, and lease terms will be extended to reducescheduled payments.
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