GREY:BLKWF - Post by User
Post by
RockLobster1on Jun 23, 2014 9:50pm
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Post# 22687867
do we still have this June 30 deadline?
do we still have this June 30 deadline? - On March 31, 2014, Calmena and its senior lender ("Senior Lender") entered into an extension agreement (the "Extension") pursuant to which the Senior Lender agreed to continue to forbear from demanding payment or enforcing its security under its credit facilities ("Credit Facilities") until the earlier of June 30, 2014 or a default as defined in the Extension. Pursuant to the terms of the Extension, the Company paid $1.0 million to the Senior Lender as a permanent reduction of the amount owing under the Credit Facilities on signing the Extension. Also pursuant to the Extension, the Company was required, on or before April 30, 2014, to pay $9.0 million as a permanent reduction of the amount owing under the Credit Facilities or provide evidence satisfactory to the Senior Lender, by such date, that the Company had entered into one or more binding transactions to sell assets that will allow the Company to fund the required $9.0 million permanent reduction by May 31, 2014. The forbearance term may be further extended to July 31, 2014 if the Company provides evidence satisfactory to the Senior Lender, by June 30, 2014, that the Company has entered into one or more binding transactions to sell assets that will allow the Company to fully repay all amounts owing under the Credit Facilities by July 31, 2014. The April 30, 2014 deadline was subsequently extended to May 9, 2014.
- Read more at https://www.stockhouse.com/news/press-releases/2014/05/14/calmena-announces-first-quarter-2014-results#QDGvmhKSygoYwp2j.99