The Dolan Company (OTC:DOLN) announced today that it entered into the
Eighth Amendment to its Third Amended and Restated Credit Agreement
dated December 6, 2010.
In general, the Eighth Amendment extends the time for the Company to
negotiate terms for restructuring the Company’s balance sheet from the
period previously set in the Seventh Amendment and provides the Company
with access to its revolving credit facility during February 2014 while
the Company and its lenders negotiate and implement terms for such a
restructuring. The Eighth Amendment requires the Company and its lenders
to agree on a term sheet for addressing the Company’s capital structure
by February 20, requires the Company to act thereafter in accordance
with the agreed terms, temporarily waives the Company’s existing and
near-term defaults with respect to covenants, payments, and other
obligations, and requires an additional fee equal to 5% of the sum of
the outstanding term loans and revolving commitments.
The Eighth Amendment contains other terms detailed in the Company’s
Current Report on Form 8-K filed today with the SEC. The Form 8-K is
available at www.thedolancompany.com
or www.sec.gov.
The Dolan Company is a leading provider of professional services and
business information to the legal, financial and real estate sectors.
Its Professional Services Division provides specialized outsourced
services to the legal profession primarily through its subsidiaries
DiscoverReady and Counsel Press. DiscoverReady provides outsourced
discovery management and document review services to major companies and
law firms. Counsel Press is the nation’s largest provider of appellate
services to the legal community. The company’s Business Information
Division publishes business journals, court and commercial media and
other highly focused information products and services, operates web
sites and produces events for targeted legal and professional audiences
in each of the 19 geographic markets that it serves across the United
States.
Statement Regarding Forward Looking Information
This release
may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical or current facts are forward-looking statements. Such
forward-looking statements include statements using words such as
“anticipate,” “expect,” “believe,” “continue,” “will,” “may,”
“estimate,” “assume,” “presume,” “pursue,” “outlook,” “plan,” “goal,”
“milestone” and similar expressions. Forward-looking statements are
subject to risks, uncertainties and other factors that could cause the
actual results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these forward-looking
statements. These risks, uncertainties and other factors include, but
are not limited to: our ability to fund our ongoing operations, repay
our indebtedness, pay dividends on our preferred stock, fund capital
expenditures, make divestitures on acceptable terms, and make any
acquisitions; our ability to comply with covenants in our debt
instruments; our ability to obtain waivers from our lenders of any
failure to comply with covenants in our debt instruments or of events of
default; our ability to amend our debt instruments in the future; our
ability to retain key customers and develop new customer relationships
in our litigation support services segment; the possibility that we may
have to record significant charges to earnings as a result of impairment
of our intangible assets; our ability to retain key personnel; the
adverse resolution of a future lawsuit or claim against us; the failure
or disruption of our software systems, our document hosting, processing,
conversion and review systems, or our website and online networks; the
risk that our customers fail to timely pay us for our services, or at
all; and the other risk factors described under “Risk Factors” in Item
1A of our annual report on Form 10-K for the year ended December 31,
2012, which we filed with the SEC on March 8, 2013, and those
highlighted in our Form 10-Q for the quarter ended September 30, 2013,
which we filed with the SEC on November 12, 2013. We undertake no
obligation to update any forward-looking statements in light of new
information or future events.
Copyright Business Wire 2014