Advanced Glassfiber Yarns obtains forbearance agreement until Dec. 6

By Sara Rosenberg

New York, Nov. 1 - Advanced Glassfiber Yarns LLC has obtained an additional amendment and forbearance agreement under its senior secured revolver and term loan facility. Under the newest agreement, the company's lenders agreed to extend the forbearance period through Dec. 6 while restructuring discussions continue.

Previously, the Aiken, S.C. supplier of glass yarns had announced that is was in discussions regarding a restructuring of approximately $180 million of outstanding debt under the credit facility. The previous forbearance agreement expired on Oct. 31.

Discussions regarding the restructuring of the company's $150 million of 9 7/8% senior subordinated notes are also still taking place.

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