ENGlobal Corporation, a provider of energy-related engineering and automation solutions, announced it entered into a "Second Amendment to Revolving Credit and Security Agreement, Waiver and Forbearance Extension" with its lender. The extension will be in place through April 30, 2013 and requires ENGlobal's compliance with certain terms and conditions. This extended period is expected to allow ENGlobal's management sufficient time to see the results of the implementation of its business improvement plan.

As previously reported, ENGlobal hired a management consultant and subsequently developed a plan to restore the Company's compliance with the revolving credit facility.

ENGlobal, founded in 1985, is a provider of engineering and related project services principally to the energy sector throughout the United States and internationally.

Editor’s Note: According to an 8-K report filed with the Securities and Exchange Commission on December 18, PNC Bank, National Association is the administrative agent for the revolving credit facility. Deloitte LLP is named as the management consulting company. The following is an excerpt from the filing:

Under the terms of the Second Amendment, the Maximum Revolving Amount (as defined in the Credit Agreement) will be reduced from $35,000,000 beginning on February 1, 2013 as follows: $31,500,000 for the period from February 1, 2013 through and including April 29, 2013, and $26,500,000 for the period from April 30, 2013 through and including the last day of the term, which is presently May 29, 2013.