RE:RE:Is it Over?Yeah ok sleezy.
Empire Industries defaults on senior credit facilities
2020-07-15 16:49 ET - News Release
Mr. Guy Nelson reports
EMPIRE INDUSTRIES PROVIDES UPDATE ON ITS SENIOR CREDIT FACILITIES
Empire Industries Ltd. has provided an update on the status of its senior credit facilities. As reported in the company's May 29, 2020, news release, with the consent of the company's senior lender, the due date for a principal payment of $4.9-million (U.S.) was deferred until July 15, 2020. The company will not make this principal payment today, which constitutes an event of default under the senior credit facilities. However, the company's senior lender continues to be supportive of the company, and has not made a demand for repayment of the credit facilities. The company anticipates that it will not be in compliance with the aging accounts payable covenant contained in the senior credit facilities when the covenant is tested on July 31, 2020, and anticipates its senior lender will provide a waiver of the breach at that time. The company remains in active discussion with its senior lender to restructure the credit facilities, including the extension of the maturity dates and the relaxation of all financial covenants contained in the credit facilities, which the company expects to finalize some time prior to Sept. 30, 2020.
About Empire Industries Ltd.
Empire focuses on designing, supplying and installing iconic media-based attractions and ride systems for the global theme park industry. Empire also uses these same turnkey integration services for special projects such as large optical telescopes and enclosures. Empire also has commenced an initiative to leverage its world-class flying theatre and attraction development capability on a co-venture ownership basis. Empire was selected as a 2020 TSX Venture 50 company.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.