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LIVE MOSAIC Town Hall (Archived): www.airborne-live.net

Wed, Jun 18, 2003

Mooney Restructures

Great 'Second Chance' in Golden Anniversary Year

Mooney Aerospace Group, Ltd (the general aviation holding company that owns Mooney Airplane Co) has reached agreement and implemented a restructuring plan with all of its convertible note holders to waive all outstanding defaults and set fixed note conversion prices. The floating conversion features have been removed. In connection with the restructuring, the Company has received more than $5,000,000 of new funding. (What that means in English, is that the company's financial burdens are significantly lighter.)

Details: the conversion price for the holders of secured notes is half of the conversion price set for holders of unsecured convertible notes and the holders of preferred stock. All of the convertible note holders have waived all prior defaults, including all accrued damages, and have also agreed to cancel all outstanding warrants held by them. In addition, the unsecured note holders have extended the maturity date of their notes by three years to June 2006. The interest rate on the notes has been reduced from 8% to 3%, which will result in substantial savings to the Company.

J. Nelson Happy, President of Mooney Aerospace Group, Ltd, stated: "We are pleased to have this restructuring behind us, and gratified by the confidence shown by our investors, both old and new, by taking this step. We believe that this restructuring will go a long way to insure the company's future by helping to clean up its capital structure. Not many companies get a second chance from their investors like the one we have just received, and we hope to make the most of this opportunity for the Company and its shareholders."

The Company will file a Form 8-K detailing the transaction. The fast birds are flying.

FMI: www.Mooney.com

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© 2007 - 2025 Web Development & Design by Pauli Systems, LC


Debugging Information
ColdFusion Server Enterprise 2023,0,16,330828
Template /subsite.cfm
Time Stamp 02-Dec-25 12:56 AM
Locale English (US)
User Agent Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)
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Total Time Avg Time Count Template
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5 ms 5 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/view/layout/dspBannerAds.cfm
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3 ms 3 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/qryTextPost.cfm
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2 ms 2 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc | compileRequest(main.textpost, CFC: fckeditor.fb551.fusebox5.myFusebox) ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/cftags/sharelinks.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/qryAnnouncements.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/qryAudio.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/qryWidVideo.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/view/layout/widgets/widget_234BannerZone.cfm
1 ms 0 ms 13 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc | RandomNumber() ] from C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc
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0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc | tagstripper() ] from C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxAction.cfc | getAccess() ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxAction.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc | expandFuseboxPath(parsed/) ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc
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0 ms 0 ms 2 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc | getMyself() ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc | getSelf() ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc | init(fusebox, [complex value], [complex value]) ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc | trace(Fusebox, Request completed) ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc
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qryAudio (Datasource=AeroNews, Time=0ms, Records=0, Cached Query) in C:\inetpub\wwwroot\clients\aero-news.net\model\main\qryAudio.cfm @ 00:56:19.019
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SELECT 
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