FREMONT, Calif. (AFX) - Asyst Technologies Inc., which makes technology for semiconductors and flat-panel displays, said Wednesday it received a notice of default from a debt trustee.
The announcement sent Asyst shares down 24 cents, or 3.3 percent, to $6.95 in aftermarket trading on the INET electronic exchange.
U.S. Bank National Association, the trustee under the indenture related to Asyst's 5 3/4 percent convertible subordinated notes due 2008, claims Asyst is in default because of delays in filing reports for the fiscal year ended March 31 and fiscal quarter ended June 30.
Unless the reports are filed within 60 days, or the default is waived by the holders of a majority in aggregate principal amount of the notes outstanding, the holders of the notes have the right to speed up the maturity of the notes.
The notes have an outstanding principal amount of $86.3 million, Asyst said.
Asyst said it does not agree that the delayed filing of the reports constitutes a default, and may contest the assertions made by U.S. Bank.
The company said last month it would not be able to file its Form 10-Q for the fiscal first quarter ended June 30, or its Form 10-K for the fiscal year ended March 31, until a review of its past stock option practices is completed.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.