Ameritox Layoffs

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Just look at how much is going on with Ameritox.
They have two loans, one is due this year
$25 million senior secured revolving credit facility due 2016 and $425 million senior secured term loan due 2018

Ameritox has $10 million in annual discretionary cash flow but Sterling Partners wants to use that money with other debts to pay back shareholders which include Bain Capital, Sequoia Capital and Sutter Hill

They want their money back before the company goes under
 




anonymous said:
Just look at how much is going on with Ameritox.
They have two loans, one is due this year
$25 million senior secured revolving credit facility due 2016 and $425 million senior secured term loan due 2018

Ameritox has $10 million in annual discretionary cash flow but Sterling Partners wants to use that money with other debts to pay back shareholders which include Bain Capital, Sequoia Capital and Sutter Hill

They want their money back before the company goes under
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If the information BK spoke, was correct- 2015 revenues were to be ~50 million with 12-15 coming from IH.
 








I don't know what to think about the future of the company...still hearing lots of rumors about layoffs but there are job postings, including those for sales on the ameritox.com website. Any information people are hearing about workforce reduction is appreciated.
 




anonymous said:
I don't know what to think about the future of the company...still hearing lots of rumors about layoffs but there are job postings, including those for sales on the ameritox.com website. Any information people are hearing about workforce reduction is appreciated.
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I work in home office. it's my last day tomorrow. yes. many people will be laid off. company going under. poor leadership.
 
















Word is that they are bringing down the Greensboro, NC laboratory personnel down by at least 30%. The company is giving all of these new promotions and restructuring upper management, so it's a dead giveaway they are planning to slash employees at the bottom.
 








They've been running audits at the NC site all week. Heard it was a buyout from another lab. If they keep the lab in NC, hopefully they will fire most of current management and get people in there that are qualified.
 




anonymous said:
They've been running audits at the NC site all week. Heard it was a buyout from another lab. If they keep the lab in NC, hopefully they will fire most of current management and get people in there that are qualified.
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If Ameritox was sold who bought them and why haven't the employees been told anything?
 




anonymous said:
If Ameritox was sold who bought them and why haven't the employees been told anything?
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See Fifth Street financial bought them as told by management but if you do your research fifth street financed a loan last year for Ameritox. There is an earlier post on here that says how Mangement is spending their money I guess they didn't listen to Fifth street so they took control of the company is that bad or good I have no idea
 




anonymous said:
See Fifth Street financial bought them as told by management but if you do your research fifth street financed a loan last year for Ameritox. There is an earlier post on here that says how Mangement is spending their money I guess they didn't listen to Fifth street so they took control of the company is that bad or good I have no idea
Click to expand...
I've always heard rumors that the plan is to liquidate the company...makes me wonder if this is the plan?
 








An insider told me there was another reduction in force at Ameritox this week. I think it was a significant number. I wonder if this was ordered by Fifth Street now that they're in control. I pray for the poor souls stuck in that he'll hole. I'm still confused about Fifth Street now owning equity in the company. It doesn't look like Ameritox will ever be able to pay them back.
 
















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