Jason Industries Provides Update Regarding Strategic Alternatives Process; Executes Forbearance Agreement
JASON INDUSTRIES (JASN)
Last jason industries earnings: 5/2 08:00 am
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Source: Business Wire
MILWAUKEE--(BUSINESS WIRE)--Jason Industries, Inc. (OTCQX: JASN) (together with its subsidiaries, “Jason” or “the Company”) currently is considering strategic alternatives to right size its capital structure and position the Company for long-term growth. In that regard, Jason is engaged with an ad hoc group of first lien lenders, which represents more than two-thirds of its outstanding indebtedness under its First Lien Credit Agreement, dated as of June 30, 2014 (the “Ad Hoc Group”), regarding such potential strategic alternatives.In consideration of this strategic alternative process and efforts to preserve and strengthen liquidity in these unprecedented times, the Company made its quarterly interest and amortization payments to the first lien lenders on March 31, 2020, but has determined not to make its quarterly interest payment on its second lien indebtedness. The Company and members of the Ad Hoc Group have executed a forbearance agreement with respect to that second lien int
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