Dresser gets consents under unsecured term loan to extend financial statements deadline

By Sara Rosenberg

New York, Aug. 23 - Dresser Inc. received the requisite consents under its senior unsecured term loan to extend the deadlines for providing financial statements, according to a company news release.

Under the consents, the deadline for providing audited financial statements for the fiscal year ended Dec. 31, 2005 was extended to Dec. 31 from Sept. 30, and the deadline for providing all 2006 quarterly financial statements was extended to March 31, 2007 from Sept. 30.

As was previously reported, the company is in the process of amending its senior secured credit facility to provide for the same financial statements extensions.

The credit facility amendment would also extend the tenor of the revolver to April 10, 2008 from April 10, 2007, allow for a new $50 million synthetic letter of credit facility and address technical aspects of the facilities.

The credit facility amendment consent deadline was recently extended to Sept. 8 from Aug. 22.

Dresser is a Dallas-based designer, manufacturer and marketer of highly engineered equipment and services sold primarily to customers in the flow control, measurement systems, and compression and power systems segments of the energy industry.

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