Default
The company negotiated out of a default on its debt in May 2009 and technically defaulted for several days in May 2010 (though an agreement with creditors was announced within one week of the 'default').
On May 4, 2011 the company announced it had agreed to a 20-day extension of its debt under its various credit agreements with Wachovia/Wells Fargo Bank. The company mentioned at that time that it was considering many options including a prepackaged bankruptcy filing. On Friday, May 20, 2011 the extension expired and the company had yet to file for bankruptcy protection or to announce another extension of its debt.
On May 7, 2011 Jackson Hewitt ceased being traded on the New York Stock Exchange. The ending share price was $.19. On May 9, 2011 the symbol for the stock was changed from JTX to JHTX and is being traded on a different stock exchange. On Tuesday, May 24, 2011, Jackson Hewitt officially filed for bankruptcy.
In August 2011, Jackson Hewitt became a privately held company under the direction of Philip Sanford, President and CEO, and Board of Directors.
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Famous quotes containing the word default:
“In default of inexhaustible happiness, eternal suffering would at least give us a destiny. But we do not even have that consolation, and our worst agonies come to an end one day.”
—Albert Camus (1913–1960)