Unilab Will Take Charge for Arbitration Award
Unilab Corp., a Tarzana-based clinical laboratory testing services company, will take a $2-million charge in the fourth quarter to cover the more than $1.7-million arbitration award it must pay Trylon Corp.
Under the award, Unilab must pay Trylon $313,000 plus interest and Trylon’s legal fees totaling about $1.4 million.
The arbitration proceedings were started in 1993 by Trylon, which contended that Unilab had reneged on a contract to buy Trylon products.
Unilab said it is challenging the award of Trylon’s legal fees in California Superior Court.
Separately, Unilab said it has filed a registration statement with the Securities and Exchange Commission to offer $115 million of senior notes. The proceeds from the sale would be used to retire Unilab’s existing bank line of credit and for general corporate purposes.
In addition, the company said it expects to secure a new $65-million line of credit when the notes offering is completed.
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