Advanced Glassfiber Yarns LLC Announces Restructuring Discussions.Business Editors Advanced Glassfiber Yarns LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (the "Company") announced today that it is in discussions with its senior secured lenders regarding a consensual CONSENSUAL, civil law. This word is applied to designate one species of contract known in the civil laws; these contracts derive their name from the consent of the parties which is required in their formation, as they cannot exist without such consent. 2. restructuring of the approximately $180 million of indebtedness currently outstanding under a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. and term loan facility. In connection with such discussions, the Company and its lenders entered into an amendment and forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. agreement under which the lenders, among other things, agreed to forbear for·bear 1 v. for·bore , for·borne , for·bear·ing, for·bears v.tr. 1. To refrain from; resist: forbear replying. See Synonyms at refrain1. from exercising their rights and remedies under such facility until August 13, 2002. The Company also announced that it will not be making the $7.4 million July 15th interest payment on its $150 million of 9 7/8% senior subordinated notes due 2009, and stated that it intends to use the 30-day grace period provided under the governing indenture to enter into consensual restructuring discussions with the noteholders. The Company noted that there can be no assurance that it will be successful in achieving a consensual restructuring of its indebtedness. The Company has retained Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. as its financial advisor to explore strategic alternatives and is actively pursuing such alternatives, as well as implementing various cost savings measures. The Company noted that it has paid, and expects to continue to pay, its day-to-day trade obligations. Advanced Glassfiber Yarns, headquartered in Aiken, SC, is one of the largest global suppliers of glass yarns, which are a critical material used in a variety of electronic, industrial construction and specialty applications. All statements in this press release other than historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve risks and uncertainties and which are subject to change at any time. Such statements are based on management's expectation at the time they are made. In addition to the assumptions and other factors referred to in connection with these statements, factors set forth in the Company's latest 10-K or 10-Q filed with the Securities and Exchange Commission, among others, could cause actual results to differ materially from those contemplated. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion