L-1 Identity Solutions, a supplier of identity solutions and services, provided an update on its strategic alternative process.
The company is in the final stages of the process and has received bids from several interested parties, both domestic and foreign. L-1 and its financial advisors continue to evaluate the various proposals and expect to announce the results in the coming weeks.
L-1 remains in compliance with existing bank covenants. In the event that a definitive agreement for a strategic alternative is not executed on or prior to Aug. 31, the company expects to amend its credit agreement to allow it to remain in compliance with bank covenants.