Genesis Announces Extension of Bank Forbearance Period.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--July 5, 2001 Genesis Worldwide, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GWOW) announced that the lender under the Company's bank credit agreement has amended an existing agreement to extend the 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. period through August 31, 2001. During this period, the lender has agreed to refrain from taking certain actions as a result of the Company's failure to comply with financial covenants contained in the credit agreement. The lender also agreed to increase the Company's line of credit to $36.25 million and to defer payment of principal and interest from the Company during the forbearance period. Genesis Worldwide Inc. engineers and manufactures high quality metal coil processing and roll coating and electrostatic oiling equipment in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the United Kingdom. The Company also provides mill roll reconditioning, texturing and grinding services in addition to its rebuild, repair and spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. business. |
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