Protection One gets extension to May 24 on standstill agreement with Quadrangle

By Jeff Pines

Washington, May 18 - Protection One, Inc. said it obtained an extension to May 24 to its two standstill agreements with affiliates of the Quadrangle Group.

The Topeka, Kan.-based security monitoring firm said it will use the extension to continue its talks about a potential restructuring with Quadrangle, its affiliates and holders of its publicly traded debt.

Westar Energy Inc, the company's former parent, sold its Protection One majority stake to the Quadrangle Group LLC on Feb 17.

Houlihan Lokey Howard & Zukin Capital is advising Protection One.

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