TRC extends revolver forbearance agreement through Jan. 25

By Caroline Salls

Pittsburgh, Jan. 17 - TRC Cos. Inc. has agreed to a 10-day extension of its forbearance agreement with Wachovia Bank, NA in connection with the company's revolving credit facility, according to a company news release.

The forbearance agreement was extended through Jan. 25.

"The company is working closely with the banks to finalize a second forbearance agreement, which will extend through July 15, 2006, and we look forward to providing an updated schedule for filing our 10-K when that agreement is finalized," chief executive officer Chris Vincze said in the release.

Under the terms of the forbearance agreement, the lenders agreed to continue to make up to $62 million in loans under the credit agreement and not exercise their rights and remedies under the credit agreement through Jan. 25, provided no new event of default occurs.

TRC is a Windsor, Conn., company that provides services to the environmental, infrastructure, power and transportation markets and provides technical, financial, risk management and construction services to commercial and government customers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.