REPORTS: SALTON'S BONDHOLDERS FORM CREDITORS COMMITTEE FOR REGIME CHANGE.
HFN: The Weekly Newspaper for the Home Furnishing Network, June, 2005
Byline: Jennifer White
NEW YORK-Published reports said that Salton Inc.'s bondholders have formed a creditors committee.
Salton missed a June 15 $6.7 million interest payment on a $125 million, 10.75 percent debt security maturing on Dec. 15 and analysts are speculating that the company may file voluntary Chapter 11 to stave off creditors. Salton Chief Executive Officer Leon Driemann had no comment on that speculation.
Dow Jones Newswires and others reported that a member of the committee, Daniel Loeb, CEO of New York-based hedge fund Third Point LLC and a vocal critic of Dreimann, said the goal of the creditors committee is a regime change.
In April, Loeb sold his stock in Salton at a loss and noted in a letter to Dreimann,...
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