Standard Parking shares used to satisfy loan; lenders hold 49.7% stake

By Lisa Kerner

Charlotte, N.C., May 18 - Standard Parking Corp. said its parent company, Steamboat Industries LLC, transferred 7,581,842 shares of Standard Parking to third-party lenders on Friday to satisfy a loan.

The loan had been secured by a pledge of all of Steamboat's common stock in Standard Parking in the amount of approximately $119 million as of Friday, according to a form 8-K filed with the Securities and Exchange Commission.

According to the filing, the third-party lenders included GSO Special Situations Overseas Master Fund, Ltd.; GSO Special Situations Overseas Benefit Plan Fund, Ltd.; CML VII, LLC; GSO Special Situations Fund LP; and GSO Capital Opportunities Fund LP.

Steamboat, controlled by Standard Parking chairman John V. Holten, immediately prior to the transfer held voting power or a pecuniary interest with respect to 7,687,842 shares, or 50.3%, of the company's common stock.

The lenders, following the transfer, collectively hold 7,581,842 shares, or 49.7%, of the company's common stock.

Standard Parking has ceased to be a "controlled company" under the Nasdaq rules and will appoint independent directors to its compensation committee and nominating and corporate governance committee, the SEC filing said.

The company is currently in compliance with all of its financial and other covenants under its credit facility.

Standard Parking is a Chicago-based provider of parking management, ground transportation and other ancillary services.

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