Telematics Company CalAmp Declares Bankruptcy, Goes Private

Telematics company CalAmp has filed Chapter 11 bankruptcy as part of a debt-cutting deal that places control of the company with lender Lynrock Lake Master Fund LP.

The company estimated that while its assets were about $281.2 million—it’s liabilities totaled $355.4 million.  The company was worried about being delisted from Nasdaq as it shares plummeted 54 percent this year as of May 31 close, according to published reports.

CalAmp declares bankruptcy, plans to go private (Photo: CalAmp).

Irvine, Calif.-based CalAmp, which traded under the CAMP ticker, cut a restructuring deal with Lynrock to swap $229 million in secured notes for 100 percent of the equity in the new entity.  The company said it would go private when the restructuring was complete.

CalAmp, which was a major fleet tracking/location industry player for decades, had seen its net profit decrease in recent years.  According to published reports, its Nasdaq stock price reached a high of $987.56 per share on July 14, 2000. That stock was at 40 cents per share at closing on June 11—it was officially delisted on June 12.


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