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 Anonymous 2013-06-21 at 10:29:40 am Views: 147
  • #1992
    Danka News

    Danka In Non-Compliance with Credit Pact 
    Danka Business Systems PLC as of June 30, was not in compliance with terms of its EUR15 million Letter of credit facility.

    Danka failed to meet a minimum net worth threshold set by the credit facility lender, ABN Amro Holding NV's (ABN) bank unit, according to Danka's first-quarter report, filed Monday with the Securities and Exchange Commission.

    "We are in active discussions with ABN regarding a waiver or modification to the tangible net worth requirement," said Danka, a St. Petersburg, Fla., distributor of automated office equipment. In the meantime, ABN continues to make letters of credit available to Danka under the terms of the facility, according to the filing.

    Danka said the violation of the net worth requirement was a result of a $50.6 million restructuring charge that the company recorded during fiscal 2004, which ended March 31. The charge included $26.9 million for employee severance payments and $23.7 million related to future lease obligations for facilities that were vacated at the end of fiscal 2004. Danka said this weekthat it expects to pay the severance over the next two years, with the bulk of them by the end of the calendar year. The one- year letter of credit facility, which Danka and ABN entered into in December, is secured by some of assets of Danka's subsidiaries in the Netherlands and Belgium, the filing said. The availability of credit of the credit facility is subject to a borrowing base, which totaled about EUR14.7 million as of June 30, the end of the first quarter of fiscal 2005. The facility bears a 1.25% commission.

    Danka Expands ISO 9001:2000 Quality Certifications

    Achievements Reinforce Commitment to Unsurpassed Customer Satisfaction

    Danka Business Systems PLC has been awarded ISO 9001:2000 certifications at several additional U.S. service centers in recognition of the company's high quality standards. All of the operations are part of the company's highly regarded U.S. Technical Services organization, which provides ongoing support to thousands of Danka customers across the country. The centers join Danka's U.S. Customer Service Center, which provides first-response client support and dispatch, in achieving ISO 9001:2000 certification.

    "These prestigious achievements reflect our continual efforts to provide customers with the highest levels of service and support," said Danka Chief Executive Officer Todd Mavis.

    * Post was edited: 2004-08-21 10:45:00