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Encompass Services says Nov. 1 coupon blocked
New York, Nov. 1 - Encompass Services Corp. said it received a payment blockage notice from its bank lenders preventing it making the $17.5875 million coupon payment due Nov. 1 on its 10½% senior subordinated notes maturing in 2009.
The Houston-based company said in a filing with the Securities and Exchange Commission that the notice follows its default on its credit facility.
In October Encompass Services announced it plans to make a prepackaged Chapter 11 filing and began soliciting consents from creditors for the plan.
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