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STG Group Notice of Default

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According to Form 8-K filed on November 15, 2017, STG Group, Inc. received a formal notice of default from MC Admin Co LLC with respect to the Credit Agreement, among the Company and its subsidiaries and various lenders. The notice of default cited the failure of the Company to be in compliance with the financial covenants required by the Credit Agreement as of June 30, 2017 related to the fixed charge coverage ratio, the consolidated EBITDA and senior secured leverage ratio. MC Admin elected to exercise its rights to vote the shares of Holdings, a wholly-owned subsidiary of the Company, to remove the directors of Holdings and to elect Jarlath A. Johnson and Robert Warshauer as the new directors of Holdings. At the time of these actions, the Company’s Board of Directors was in the process of retaining a financial advisor to assist the Company in a sale process or a debt restructuring. Read more on distressed companies.

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