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.
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.
