Stamford industrial group inc liquidating


10-Nov-2020 12:16

As a result of default status under the Credit Agreement, the Company reclassified its loan balance due in the amount of .0 million under the Credit Agreement to current liabilities for the period ended June 30, 2009.

On August 6, 2009, despite continued dialogue with the Lenders, Concord received a written notice from the Lenders declaring that the principal amount of all obligations of Concord under the Credit Agreement had been accelerated and were immediately due and payable as a result of Concord’s previously disclosed default in the payment of principal and interest in an amount equal to

As a result of default status under the Credit Agreement, the Company reclassified its loan balance due in the amount of $18.0 million under the Credit Agreement to current liabilities for the period ended June 30, 2009.On August 6, 2009, despite continued dialogue with the Lenders, Concord received a written notice from the Lenders declaring that the principal amount of all obligations of Concord under the Credit Agreement had been accelerated and were immediately due and payable as a result of Concord’s previously disclosed default in the payment of principal and interest in an amount equal to $1.0 million and violation of several financial covenants contained in the Credit Agreement, including its consolidated leverage ratio and consolidated fixed charge ratio as of June 30, 2009.The counterweight market the Company targets is primarily comprised of OEMs within the (i) commercial and industrial construction equipment industry that manufactures aerial work platforms, telehandlers, scissor lifts, cranes, and a variety of other construction related equipment and vehicles; and (ii) the elevator industry, that incorporates counterweights as part of the overall elevator operating mechanism to balance the weight of the elevator cab and load.

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As a result of default status under the Credit Agreement, the Company reclassified its loan balance due in the amount of $18.0 million under the Credit Agreement to current liabilities for the period ended June 30, 2009.

On August 6, 2009, despite continued dialogue with the Lenders, Concord received a written notice from the Lenders declaring that the principal amount of all obligations of Concord under the Credit Agreement had been accelerated and were immediately due and payable as a result of Concord’s previously disclosed default in the payment of principal and interest in an amount equal to $1.0 million and violation of several financial covenants contained in the Credit Agreement, including its consolidated leverage ratio and consolidated fixed charge ratio as of June 30, 2009.

.0 million and violation of several financial covenants contained in the Credit Agreement, including its consolidated leverage ratio and consolidated fixed charge ratio as of June 30, 2009.

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In connection with the Amendment and Waiver Agreement, Concord has agreed to hire a financial consultant satisfactory to the Lenders to review Concord’s financial condition with the Lenders.

The Credit Agreement established a commitment by the Lenders to provide up to .0 million in the aggregate of loans and other financial accommodations consisting of (i) a five-year senior secured term loan in an aggregate principal amount of .0 million (the “Term Loan”), (ii) a five-year senior secured revolving credit facility in the aggregate principal amount of up to .0 million (the “Revolver Facility”), and (iii) a five-year senior secured capital expenditure facility in the aggregate principal amount of up to .0 million (which expired in accordance with its terms on March 3, 2007).



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