BAYSIDE CAPITAL COMPLETES RECAPITALIZATION OF
SOLA COMMUNICATIONS, INC.
June 7, 2006 – Sola Communications, LLC (“SOLA” or the “Company”), an international leader in the delivery of Telecommunications and Safety & Control solutions for the offshore oil and gas and emergency services markets emerged from Chapter 11 today after having its Plan of Reorganization confirmed by the Bankruptcy Court on May 23, 2006. Bayside Capital, which became SOLA’s senior lender during the bankruptcy process, has agreed to exchange its secured loans for a combination of new indebtedness and 100% ownership of the reorganized company. The exchange will strengthen SOLA’s balance sheet and positions the Company for strong growth. Based in Lafayette, Louisiana, and with offices in Houston, TX, Mobile, AL and Larose, LA, SOLA specializes in the design, installation, enhancement and service of Telecommunications, Safety & Control, Antenna & Tower and Satellite solutions. SOLA has a long-standing reputation for delivering superior service and innovative products and solutions. SOLA's products and services have no geographic boundaries and are available worldwide.
Anthony DiSimone, Managing Director of Bayside said, “We are excited to support the Company as it moves forward and implements its strategic growth plan. This is a momentous day for the Company, its employees and its customers and we are proud to welcome SOLA to the Bayside family of companies.” In addition to Bayside’s support, Sola’s unsecured creditors voted overwhelmingly to accept the Plan of Reorganization. Lyndon James, Chief Executive Officer, added “We are very pleased to have finally emerged from Chapter 11. The entire team is energized and looking forward to continuing our growth and solidifying relationships with our valued customers.”
About Bayside Capital
Bayside Capital is a private investment firm which actively invests in the debt and equity of middle market companies that can benefit from operational enhancements, improved access to capital, or balance sheet realignments. With the ability to invest throughout the capital structure including senior and subordinated debt, equity, Debtor-In-Possession facilities, and special situation loans, Bayside has the experience and resources to help companies quickly resume growth initiatives and improve their strategic position. Bayside Capital is an affiliate of H.I.G. Capital, a leading private equity investment firm specializing in acquisitions and recapitalizations of middle market businesses. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, the firm is one of the most active private equity investors in small and medium-sized companies. We have available in excess of $3 billion of committed equity capital to support our investment activities. In the last decade, we have invested in over 50 companies with combined revenues of over $5 billion. |
