Omni Energy extends bridge loan

New York, Jan. 27 - Omni Energy Services Corp. said it entered into a forbearance agreement extending its $6.5 million bridge loan to March 15 from Jan. 15.

Under the terms of the agreement, Omni repaid $0.5 million of the outstanding balance and agreed to an increase in the interest rate to 15%.

Omni also said that following a review of future capital requirements of its aviation division it has decided that some assets are under-utilized and not essential and will be sold. Proceeds will be used to repay long-term debt.

"The extension of the maturity date of the bridge loan provides us the time necessary to complete certain permanent financing agreements currently under negotiation," said James Eckert, Omni's chairman and chief executive officer, in a news release.

Omni is a Carencro, La., provider of services to providers of geophysical services and transportation services to offshore oil and gas companies.

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