Sanitec lender standstill extended to April 30

By Caroline Salls

Pittsburgh, Feb. 23 - Sanitec Corp.'s senior lenders have agreed to extend the company's standstill agreement until April 30, according to a company news release.

Sanitec said the extension strengthens its financial position and provides a good foundation for its continued operations and its talks with its lenders about a new capital structure.

Sanitec president and chief executive officer Bengt Pihl said in the release that he is confident that the company will find a solution for its financial situation.

Although its operations continue to be profitable and it achieved a preliminary recurring EBITDA of well over €100 million for 2008 on sales of around €880 million, Sanitec said it is in talks with its lenders to achieve a financial restructuring.

Sanitec is a Helsinki, Finland-based manufacturer and marketer of bathroom accessories and equipment.

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