On Jan. 29, Global Railway Industries Ltd. (Global), a North American provider of railway products and services, announced that the company's lenders had agreed to extend the deadline for meeting their first condition of the Second Amending Agreement to the Credit Agreement.
According to Global, the November 12, 2009, amendments to the company's credit facility required the company to enter into a final offer of purchase for one or more subsidiaries before January 31, 2010, with a transaction close date of no later than February 28, 2010, or, alternatively, to obtain a commitment by January 31, 2010, for a new facility of not less than $5,000,000, for a combination of equity and subordinated debt, to include a minimum equity injection of $2,500,000, to be completed by March 31, 2010.
The company said the extended deadlines require a final offer of purchase for one or more subsidiaries before March 1, 2010, with a transaction close date of no later than March 31, 2010, or, alternatively, a commitment by March 1, 2010, for a new facility of not less than $5,000,000, for a combination of equity and subordinated debt, which is to include a minimum equity injection of $2,500,000, to be completed by March 31, 2010.