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BRIEF-Quadrant 4 System Corp reaches partial settlement with U.S. securities and exchange commission and files for voluntary chapter 11 restructuring
June 30, 2017 / 2:58 PM / 5 months ago

BRIEF-Quadrant 4 System Corp reaches partial settlement with U.S. securities and exchange commission and files for voluntary chapter 11 restructuring

June 30 (Reuters) - Quadrant 4 System Corp

* Quadrant 4 System Corporation reaches partial settlement with U.S. Securities and exchange commission and files for voluntary chapter 11 restructuring

* Quadrant 4 System Corp - company has voluntarily filed a chapter 11 bankruptcy reorganization case to allow company to continue normal operations

* Quadrant 4 System - aware of additional criminal charges filed by U.S. Attorney’s office for northern district of illinois against former executives

* Quadrant 4 system corp - no criminal charges have been, or are anticipated to be, filed against company

* Quadrant 4 system corp - as part of settlement with SEC, co has consented to entry of proposed judgment on a “no-admit, no-deny” basis

* Quadrant 4 system corp - expects that current management team will continue to lead company throughout this process

* Quadrant 4 system - company does not believe settlement with SEC will impair its operations during chapter 11 process

* Quadrant 4 system-senior secured lender, Bmo Harris Bank agreed to supply additional funding to assist co with operating during chapter 11 process

* Quadrant 4 system-“expects to continue normal operations throughout chapter 11 case while actively marketing its business units for sale as going concerns”

* Quadrant 4 system corp - settlement with SEC requires co to refrain from violating various provisions of federal securities laws

* Quadrant 4 system - aware of additional criminal charges against its former executives, Nandu Thondavadi And Dhru Desai, charging them with wire fraud Source text for Eikon: Further company coverage:

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