Tekni-Plex gets waiver, more time to file financial statements

By Angela McDaniels

Tacoma, Wash., Oct. 1 - Tekni-Plex, Inc. said its bank credit facility lenders agreed to waive any events of default that occur due to the company's failure to deliver audited financial statements for the fiscal year ended June 27 by Sept. 26.

The waiver was granted on Sept. 25 and remains in effect through Oct. 31, according to an 8-K filing with the Securities and Exchange Commission.

The lenders also agreed to waive any events of default that may occur if the company restates prior financial statements as a result of its ongoing investigation into alleged irregularities in its accounting for inventory and accounts receivable.

Citicorp USA, Inc. is administrative agent.

Tekni-Plex is a Somerville, N.J.-based manufacturer of packaging and tubing products.

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