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QFAB deals with financial consulting firm
24 Mar '06
2 min read
Conshohocken, Pennsylvania based $400 million company Quaker Fabric Corporation (QFAB) announced an amendment to its five-year, senior secured credit facility and the hiring of a financial consulting firm.
"Late last week, we reported a delay in the filing of our 2005 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission so that we could work with our lenders to address two specific events of default under the terms of our senior secured credit facility.
I am pleased to report that we have reached agreement with our lenders on a waiver of those specified defaults and certain other changes to our loan documents. With this waiver and amendment in place, we are no longer in default under the terms of our loan documents. We believe that this waiver and amendment provides the time and financing for the company to continue its restructuring initiatives," commented Larry A. Liebenow, Quaker's President and CEO.
Quaker officials noted that the company continues to expect to file its 2005 Form 10-K by the end of this month, and that earlier today, the company had made a Form 8-K filing with respect to this most recent amendment to its loan documents with the U.S. Securities and Exchange Commission.
Quaker Fabric Corporation is a leading manufacturer of woven upholstery fabrics for furniture markets in the United States and abroad, and the largest producer of Jacquard upholstery fabric in the world.
"Late last week, we reported a delay in the filing of our 2005 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission so that we could work with our lenders to address two specific events of default under the terms of our senior secured credit facility.
I am pleased to report that we have reached agreement with our lenders on a waiver of those specified defaults and certain other changes to our loan documents. With this waiver and amendment in place, we are no longer in default under the terms of our loan documents. We believe that this waiver and amendment provides the time and financing for the company to continue its restructuring initiatives," commented Larry A. Liebenow, Quaker's President and CEO.
Quaker officials noted that the company continues to expect to file its 2005 Form 10-K by the end of this month, and that earlier today, the company had made a Form 8-K filing with respect to this most recent amendment to its loan documents with the U.S. Securities and Exchange Commission.
Quaker Fabric Corporation is a leading manufacturer of woven upholstery fabrics for furniture markets in the United States and abroad, and the largest producer of Jacquard upholstery fabric in the world.
Quaker Fabric Corporation
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