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Business Associations Keyed to Bainbridge
Katz v. Oak Industries, Inc.
Citation:508 A.2d 873 (Del.Ch.1986)
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- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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Through its subsidiaries and affiliated entities, Oak manufactures and markets component equipment. It has entered into an agreement with Allied-Signal, Inc. for the sale of the materials segment of its business and is currently seeking a buyer for its communications segment. To reduce a burdensome annual cash interest obligation on its $230 million of then outstanding debentures, the company offered to exchange such debentures for a combination of notes, common stock and warrants. As a result, $180 million principal amount of then outstanding debentures were exchanged. Allied-Signal was unwilling to commit to the $15 million cash infusion contemplated by the Stock Purchase Agreement, unless Oak’s long-term debt is reduced by 85%. But existing indenture covenants prohibit the Company, so long as any of its long-term notes are outstanding, from issuing any obligation in exchange for any of the debentures.
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