SPRINGDALE, Ark., March 21, 2011 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (OTCBB:AERT) (the "Company") announced today that after extensive evaluation and analysis (with the assistance of investment banking firm Stephens, Inc.), the Company and an affiliate of H.I.G. Capital, LLC have consummated a balance sheet restructuring plan to restructure and reduce existing debt, infuse new capital into the business, and strengthen its balance sheet. As part of this restructuring, H.I.G. assisted the Company by extinguishing all debt relating to the Company's 2007 and 2008 bonds owned by H.I.G. Capital, which has been in default for some time. In return H.I.G. Capital received preferred equity and debt securities, thereby significantly reducing the Company's outstanding debt obligations. Concurrent with this transaction, H.I.G. invested an additional $5.5 million into AERT to meet outstanding vendor obligations, further pay down debt, and fund transaction expenses and extended the maturity of and reduced the interest rate on its existing loan.
AERT/H.I.G. Capital Join Forces
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