AeroCentury Corp. Announces Update Regarding Revolving Credit Facility
AeroCentury Corp. (ACY)
NASDAQ:AMEX Investor Relations:
aerocentury.com
Company Research
Source: GlobeNewswire
BURLINGAME, Calif., Nov. 01, 2019 (GLOBE NEWSWIRE) -- AeroCentury Corp. (NYSE American: ACY) (the “Company”), an independent aircraft leasing company released information regarding the impact of recent events on the Company’s revolving credit facility and the path forward for the Company. In late September 2019, the Company terminated the leases for, and repossessed, three aircraft on lease to a European passenger airline due to the carrier’s continuing substantial lease payment defaults. The early termination of the three leases caused the Company to fall out of compliance with the required borrowing base covenant as of the September 30, 2019 measuring date (the “Borrowing Base Noncompliance”) under its revolving credit facility agreement (the “Loan Agreement”) with MUFG Union Bank, NA, as agent (“MUFG”) and the other participating lenders (such lenders and MUFG referred to as the “Lenders”). On October 28, 2019, the Company entered into a Forbearance Agreement (the “Forbearance A
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