Bisys gets more time to cure loan default for late financial filings

By Sara Rosenberg

New York, Nov. 16 - Bisys Group Inc. received a consent from the lenders under its senior unsecured credit facility to extend the cure periods with respect to defaults arising out of failure to file required financial reports, according to a company news release.

The cure periods have been extended to Dec. 15 for the 10-Q for the fiscal quarter ended March 31, to Dec. 31 for the 10-K for the fiscal year ended June 30 and to Jan. 31, 2006 for the 10-Q for the fiscal quarter ended Sept. 30.

As was previously announced, the filings are being delayed pending completion of the restatement of some previously issued financial results.

The company will not request additional credit extensions under the facility until it files its 10-K for the fiscal year ended June 30.

Bisys is a New York-based provider of outsourcing services.

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