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Article Excerpt
Business Editors
COLUMBUS, Ohio--(BUSINESS WIRE)--Nov. 21, 2002
Acorn Products, Inc. (Nasdaq:ACRN) announced that its stockholders approved all proposals related to its recapitalization plan, including a 1-for-10 reverse stock split at its Annual Meeting of Stockholders held yesterday.
Recapitalization Plan
On June 28, 2002, Acorn completed a transaction where entities representing a majority of the Company's stockholders invested over $18 million for the purpose of repaying outstanding indebtedness. As part of the approximately $18 million investment, investment funds managed by TCW Special Credits and Oaktree Capital Management, LLC (the "Principal Holders") purchased $10 million principal amount of 12% Convertible Notes due June 15, 2005, and approximately 823...
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