Camera Platforms, UST Agree on Exchange Plan
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Valencia-based Camera Platforms International Inc. and a subsidiary of UST Inc., formerly U.S. Tobacco, have agreed in principle to a stock-for-debt swap, which calls for UST to cancel the debt owed to it by Camera Platforms in exchange for shares of Camera Platforms’ common stock.
Camera Platforms, which rents cars mounted with cameras to the film and TV industries, owes UST $11.5 million. Under the agreement, the debt will be exchanged for 8.83 million Camera Platforms shares at $1.30 per share. After the swap, UST would own 9.43 million Camera Platforms shares, or 76% of the total outstanding.
UST also holds an option to purchase 500,000 shares of Camera Platforms stock owned by a principal shareholder.
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