EveryWare Gains Extension for Loan Agreement
July 3, 2014,
LANCASTER, Ohio-EveryWare Global has received an extension for the forbearance on its term loan agreement through July 15.
Under the terms of the amendment agreed upon between the company, its administrative agent and its lenders, the lenders will continue to forbear from exercising their rights and remedies under the term loan through 5 p.m. on July 15. These rights and remedies occurred due to the "events of default" that took place as a result of EveryWare's failure to comply with the maximum consolidated leverage ration covenant and the minimum interest coverage ratio covenant for the fiscal quarters ending on March 31 and June 30, according to an EveryWare statement.
In addition, EveryWare has entered into a further amendment on its asset-backed-loan agreement to extend the increased availability under that facility until July 15.
Sam Solomon, EveryWare's CEO, said, "The agreements with our lenders provide the time we need to negotiate a long-term financing solution."