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Photonics.com
Mar 2002
Presstek Inc., a provider of direct digital imaging technology, has received waivers from its lenders for the fourth quarter bank covenant violations caused by the write-off of the $2.1 million of prepayments made to Adast for raw materials and work-in-progress. On March 12, 2002 the company announced that its manufacturing partner Adast had filed for bankruptcy protection...EDO Corp. said that it expects to make a private offer of approximately $100,000,000 of convertible subordinated notes. The notes are expected to have a five year maturity and may be converted into common shares of EDO. The company also intends to grant the initial purchasers of the notes an option to purchase an additional $15,000,000 principal amount of the notes to cover over-allotments. The company intends to use the proceeds from the offering for potential acquisitions and for general corporate purposes.


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