All American Semiconductor extends loan forbearance agreement to April 24

By Sara Rosenberg

New York, April 16 - All American Semiconductor, Inc.'s credit facility lenders agreed to extend a forbearance agreement with the company to April 24 from April 15 regarding existing and anticipated defaults, according to a company news release.

During the extended forbearance period, the lenders agreed to continue to provide revolving credit loans, and to provide additional liquidity in the short term by allowing up to $4.95 million of overadvances from April 16 through April 20 and up to $4.91 million of overadvances from April 21 until April 24.

The agreement also reduced the size of the revolver to $60 million from $70 million.

The company has been exploring a variety of strategic alternatives, including a potential sale and a Chapter 11 bankruptcy filing.

All American is a Miami-based distributor of semiconductors and other electronic components.

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