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IMAX financial reporting covenant default waiver extended to June 30
By Caroline Salls
Pittsburgh, May 30 - IMAX Corp. elected to extend its financial reporting covenant default waiver deadline to June 30 from May 31, according to an 8-K filed with the Securities and Exchange Commission.
IMAX obtained an amendment to the indenture for its 9 5/8% senior notes due 2010 on April 16 to waive any defaults stemming from its failure to comply with the reporting covenant.
With the extension of the default waiver deadline, failure to comply with the reporting covenant will not constitute an event of default under the note indenture until June 30.
IMAX is a Toronto-based motion picture technology company and theater operator.
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