UniTek Global Services, a provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, has entered into further amendments to its previously-disclosed Forbearance Agreements with the Company's lenders under its Term and Revolving Credit Agreements.
The amendments further extend, through June 30, 2013, the termination of the standstill periods contained in the original April 30, 2013 Forbearance Agreements. The amendments are subject to extension in certain circumstances.
In connection with the extensions, the company paid in full the interest payment that was due on May 29, 2013 under the Term Credit Agreement.
The company also announced that during this forbearance period, it will continue its exploration of refinancing alternatives for its indebtedness, assisted by Miller Buckfire & Co., a leading New York-based investment banking and capital markets firm.
"We are grateful to our lenders for their ongoing support of the Company and willingness to cooperate with us as we continue to work closely with Miller Buckfire to evaluate potential refinancing alternatives," said Rocky Romanella, Chief Executive Officer of UniTek Global Services. "I have great confidence in the ability of our team and our outside advisors to help us complete this process so that we can focus on the execution of our growth strategy."
UniTek also announced that it is continuing its work to complete the company's financial statements for 2012 and the restated financial information for prior periods. In addition to the financial statements that the company previously announced it would be restating, the company will also be restating its financial information for the second fiscal quarter ended July 2, 2011. As with its other announced restatements, this restatement is related to the company's previously reported revenue recognition issues.
Previously on ABL Advisor:
UniTek Global Services Extends Forbearance Agreement With PNC, Others