CalAmp Files Bankruptcy to Complete Lender-Backed Restructuring.

CalAmp Corp., a company that develops business software for tracking vehicles and improving logistics, has filed for Chapter 11 bankruptcy in order to complete a lender-backed plan to reduce its debt. Under the restructuring deal, certain owners of CalAmp's secured notes will exchange their debt for 100% equity in the reorganized business, while other creditors will be fully repaid in cash. The company's assets are estimated to be worth $281.2 million, while its liabilities are valued at $355.4 million. CalAmp's financial performance had been declining, and it was concerned about potential defaults and delisting from Nasdaq. The company has hired Oppenheimer & Co. to negotiate with lenders and is seeking creditor votes on its debt-cutting plan. The bankruptcy court is expected to approve the restructuring on July 11. [Extracted from the article]