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UniTek exploring refinancing alternatives; standstill periods extended
By Caroline Salls
Pittsburgh, June 5 - UniTek Global Services, Inc. launched a process to explore refinancing alternatives for its debt to address its tightening financial covenants and liquidity situation, according to a company news release.
The company said it retained Miller Buckfire & Co. to help with this process.
In addition, UniTek said its term and revolving credit agreement forbearances were amended to extend the termination of standstill periods through June 6.
The term lenders agreed not to exercise their rights related to an interest payment due on May 29. The company said other previous defaults are also covered under the forbearance agreements.
The standstill period under the term forbearance was previously scheduled to terminate on the earlier of May 30 and the delivery of the company's audited financial statements for fiscal year 2012 to UniTek by its auditors or on the date on which an uncovered default occurs, the date of an amendment or restructuring of any loan documents, the date any loan party challenges the validity or enforceability of the loan or forbearance and the launch of any enforcement and collection actions.
Meanwhile, the standstill period under the revolver was set to terminate on the earlier of May 30 or the date on which an uncovered default occurs, the date of an amendment or restructuring of any loan documents and the date any loan party challenges the validity or enforceability of the loan or forbearance.
UniTek is a Blue Bell, Pa.-based provider of engineering, construction management and installation fulfillment services to the telecommunications, broadband cable and satellite industries.
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