"SM has now received the final arbitration award from the international tribunal. While SM was successful in the process on a number of the key claims, the cash award for damages to SM was
substantially less than the Company and their advisors had been expecting. The lengthy judgment is being reviewed by all parties to determine next steps and to verify various details, including what amounts Alaris may be able to collect from the award to SM. As Alaris previously disclosed, a substantial cash award was required to provide the capital to repay Alaris for unpaid distributions ($11 million) and unsecured promissory notes ($17 million). In the coming weeks Alaris will have a better idea of the impact of the judgment on SM’s ability to pay these amounts outstanding. Alaris also has a $10 million promissory note that has first security on SM assets and collection of that amount is not in question. Alaris, along with management of SM, must now review the alternatives available to SM to pay amounts owed to Alaris following the lower arbitration award."
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