Brief: Cti Industries says On Oct 18,Entered Into Amendment No. 4, Forbearance Agreement To Revolving Credit, Term Loan, Security Agreement

Yunhong Green Cti

24/10/2019 16:34

Oct 24 (Reuters) - CTI Industries Corp  CTIB.O :
    * CTI INDUSTRIES-ON OCT 18,CO ALONG WITH ITS UNITS ENTERED
INTO
AMENDMENT NO. 4, FORBEARANCE AGREEMENT TO REVOLVING CREDIT,TERM
LOAN,SECURITY AGREEMENT
    * CTI INDUSTRIES CORP - ORIGINAL AGREEMENT INCLUDED A $6
MILLION
TERM LOAN AND UP TO $18 MILLION OF AVAILABILITY UNDER REVOLVING
CREDIT FACILITY
    * CTI INDUSTRIES - PNC AGREES TO FORBEAR TAKING ACTION
AGAINST CTI
WITH RESPECT TO PREVIOUSLY IDENTIFIED EVENTS OF DEFAULT DURING
FORBEARANCE PERIOD
    * CTI INDUSTRIES- FORBEARANCE PERIOD IS DEFINED AS EARLIER
OF JAN
10, 2020 OR OCCURRENCE OF EVENT OF DEFAULT OTHER THAN IDENTIFIED
EXISTING DEFAULTS
    * CTI INDUSTRIES CORP - AMENDMENT INCLUDED A TEMPORARY
OVER-ADVANCE OF UP TO $2 MILLION AND SERIES OF ADDITIONAL
REPORTING REQUIREMENTS
    * CTI INDUSTRIES - AS REFERENCED IN AGREEMENT, CTI HAS
ISSUED
NOTICES UNDER WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT
AND RELATED STATE LAWS
    * CTI INDUSTRIES CORP - NOTICES INDICATE THAT COMPANY
FACILITY IN
LAKE BARRINGTON, IL MIGHT CLOSE IN LATE DECEMBER 2019 OR EARLY
JANUARY 2020
    * CTI INDUSTRIES CORP - POSSIBILITY OF CLOSURE REQUIRED
ISSUANCE
OF THESE NOTICES
    * CTI INDUSTRIES CORP - MANAGEMENT OF CTI CONTINUES TO SEEK
FINANCING WHICH WOULD PERMIT COMPANY TO CONTINUE OPERATIONS

Source text - (http://bit.ly/32Keut6)
Further company coverage:  CTIB.O 

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