May 2, 1996
Financially ailing Wahlco Environmental Systems Inc. said Wednesday that it has signed a new agreement with one of its banks, securing a $3-million line of credit through Oct. 25. Approximately $1.9 million already has been drawn down. Wahlco has been negotiating a credit restructuring with Silicon Valley Bank since defaulting on certain terms of the loan in December. The company said it is continuing efforts to restructure its assets and business.
December 7, 1998 |
In another sign of the growing high-tech industry along the San Fernando Valley's 101 corridor, the Torrance-based Software Council of Southern California will establish a Valley chapter early next year. The new chapter's first meeting is scheduled for Jan. 12 in Woodland Hills and will feature a keynote speech by Brian Farrell, president and chief executive of interactive entertainment software developer THQ of Calabasas.
November 10, 2000 |
The California Department of Insurance approved Safeguard Health Enterprises Inc.'s pending recapitalization and change of control, the Aliso Viejo company said Thursday. Safeguard had agreed in March to an $8-million cash infusion from an investor group, which will convert the debt into shares. The company said the transaction is essential to its financial health. After the conversion, lenders John Hancock Life Insurance Co. and Silicon Valley Bank will hold a 63% stake in the company.
March 26, 1998 |
Emulex Corp. said it will take a pretax $13-million charge in its fiscal third quarter to close its manufacturing operations in Puerto Rico, as it focuses on other businesses. Emulex, a computer network-products company, will close its operations in Dorado, Puerto Rico, and fire 130 full-time employees, or 48% of its work force, as well as 45 temporary workers. A unit of Kent Electronics Corp. will manufacture Emulex products.
June 12, 1999 |
MC Informatics Inc.'s stock was delisted this week from the Nasdaq Small Capitalization Market. The Irvine health-care consulting concern said Friday that a Nasdaq panel ruled that the merger of HealthDesk Corp. and MC Informatics constituted a reverse merger. As a result, MC Informatics must comply with the initial listing requirements of Nasdaq before its shares can trade on Nasdaq. The company doesn't meet those requirements at this time.
May 31, 1994 |
The annual Orange County Entrepreneur of the Year awards banquet is scheduled this year for June 15. Founded by accounting firm Ernst & Young, the event honors successful entrepreneurs selected by a panel of local business leaders--including Dennis Aigner, dean of UCI's Graduate School of Management; Louis A. Delmonico, PDS Engineering chairman and chief executive; and Barbara Kamm, Silicon Valley Bank senior vice president.
April 17, 1996
Wahlco Environmental Systems Inc., which designs and makes air pollution control equipment and water purification and bottling systems, posted a loss last year on lower revenue. The company also said it had violated parts of its credit agreement with Silicon Valley Bank and was in default. Wahlco said it is in negotiations to restructure the credit arrangement. The company lost $11.4 million, or 64 cents a share, down from $66.1 million, or $3.75 a share, for 1994, which included a $54.
June 16, 1999 |
Imperial Bancorp is joining the increasingly crowded field of banks that are chasing some of Orange County's technology start-ups. This month, the Los Angeles-based bank opened its first office devoted entirely to lending money to entrepreneurs who are backed by venture capital. Imperial's Emerging Growth Division, which opened in Irvine, attempts to catch up-and-comers when they are little more than an idea. Most of the companies are "pre-revenue," says Michael Quain, who is heading the O.C.
May 3, 1999 |
So where does a fast-growing Southern California business go after getting its first big check from a venture capitalist? Think someplace boring, like straight to the bank. Several regional banks are vying to establish relationships with companies as they receive their first round of venture capital money. After getting a foothold, the banks want to continue their relationship with those firms as they grow and become successful.