Extension of Credit Agreement....
posted on
Jan 30, 2010 11:23AM
Global Railway Industries Ltd. is a diversified rail product company serving the railway industry in North America.
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, which is to include a minimum equity injection of $2,500,000, to be completed by March 31, 2010.
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.
Global's Management team will continue to work closely with the Company's Lenders, keeping them well advised of the Company's progress towards completing either a subsidiary sale or alternative financing transaction. We extend our thanks to our Lenders who continue to be a valued partner of Global.