eg solutions plc (AIM: EGS), the back office optimisation software company, has noted the announcement that on 9 March 2016 Aspect Software Inc. (“Aspect”) submitted a petition for bankruptcy protection in the U.S. Bankruptcy court for the District of Delaware in Wilmington (along with four related entities).
Approval is sought under the terms of the petition for a consensual restructuring of Aspect’s debt as well as a fully underwritten rights offering of $60m of first-lien debt. General unsecured creditors of Aspect are to be paid in full in cash, though existing debt and equity lines are being compromised in whole or in part.
A date for the hearing of the petition has yet to be set, though it is understood that Aspect intends to complete the restructuring process within 105 days.
eg has an existing strategic partnership and re-seller agreement with Aspect dating back to February 2013. Aspect also owns a 9.5% equity interest in eg and has a representative on the eg board.
The eg board will assess the impact of these developments on its relationship with Aspect though its initial assessment is that this will have no impact on the Group’s earnings outlook. Further announcements will be made as appropriate.
The Company will be announcing its results for the year ended 31 January 2016 on 23 March 2016 as scheduled.
eg solutions plc
|+44 (0)1785 715 772|
|Elizabeth Gooch, Chief Executive Officer||www.egsplc.com
|Redleaf Communications||+44 (0)20 7382 4730|
+ 44(0)20 7220 0500
|Julian Blunt or Emily Watts (corporate finance)
Tony Quirke (corporate broking)