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BRS Aerospace Completes Capital Restructuring Of $1.8 Mln In Combination Of Debt And Equity - Quick Facts

(RTTNews) - Friday, Ballistic Recovery Systems Inc. d/b/a BRS Aerospace of South St. Paul, Minnesota, USA (BRSI.PK) completed a capital restructuring totaling $1.8 million in a combination of debt and equity. High F Inc., a private fund based in Miami, Florida, completed a series of investments in the Company, including the purchase of the Company's bank debt and restructured its existing debt notes in a transaction that includes new senior secured debt facilities and equity.

The company noted that the transaction with High F includes new senior secured debt facilities and equity, whereby High F became the largest shareholder in BRS. In addition to facilitating a substantial increase to the Company's existing receivables financing arrangements, the new capital structure will allow BRS to seek further secured debt financing through commercial banks or SBA loan programs. The Company intends to use the proceeds from future financings to fund working capital and investments related to the growth in its operations.

BRS Aerospace consists of three divisions: BRS Aviation which designs, manufactures, and distributes whole-aircraft emergency parachute systems for general aviation and recreational aircraft; BRS Defense which designs and manufactures a variety of parachute systems for US Department of Defense and foreign military customers; and BRS Safety which designs and manufactures reflective and load-bearing safety vests and other.

BRSI.PK closed Friday's trading at $0.43, up $0.07 or 19.44%, on a volume of 1,000 shares.