GSI Group hires financial advisers in connection with noteholder forbearances

By Caroline Salls

Pittsburgh, March 11 - GSI Group Inc. has hired financial advisers and entered into a supplemental indenture in accordance with forbearance agreements with holders of more than 75% of the outstanding principal amount of its 11% senior notes due 2013, according to an 8-K filed with the Securities and Exchange Commission.

The company said the effectiveness of the forbearance agreements was conditioned upon hiring of a financial adviser to assist the noteholders and a financial adviser to assist the company's management and board of directors, as well as entering into an amendment to the indenture to change notice provisions.

Bedford, Mass.-based GSI makes precision motion component products, lasers and laser-based manufacturing systems.

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