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UniTek Global Services Extends Forbearance Agreement With PNC, Others

June 06, 2013, 07:46 AM
Filed Under: Legal

UniTek Global Services,  a provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, entered into amendments of its previously-disclosed Forbearance Agreements with the company's lenders under its Term and Revolving Credit Agreements. The amendments extend through June 6, 2013 the termination of the standstill periods contained in the original April 30, 2013 Forbearance Agreements.

According to an SEC Filing, PNC Bank serves as agent on the revolving credit facility.

The Company also announced that it has initiated a process to explore refinancing alternatives for its indebtedness to address its tightening financial covenants and liquidity situation. To assist the Company in these efforts, the Company has retained Miller Buckfire & Co., a leading New York-based investment banking and capital markets firm owned by Stifel Financial.

Pursuant to the amendments to the Forbearance Agreements, the lenders under the Term and Revolving Credit Agreements have agreed to forbear, through June 6, 2013, from exercising certain rights and remedies they may have under the respective credit agreements arising from the Events of Default referenced in the original Forbearance Agreements. The lenders under the Term Credit Agreement have also agreed to forbear with respect to the interest payment that was due from the Company under the Term Credit Agreement on May 29, 2013.

UniTek Global Services is a provider of engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries.

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