CalAmp Files Bankruptcy to Complete Debt Restructuring
- CalAmp lender Lynrock has agreed to swap debt for equity
- Company said its performance deteriorated before bankruptcy
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CalAmp Corp., which develops software designed to track vehicles and improve company logistics, has filed bankruptcy to complete a debt-cutting deal that hands control of the business to lender Lynrock Lake Master Fund LP.
Publicly traded CalAmp filed Chapter 11 on Monday in Delaware to execute a restructuring deal where Lynrock has agreed to swap $229 million in secured notes for 100% of the equity in the reorganized business. Other CalAmp creditors would be fully repaid in cash, the company said in court papers.