GTSI gets loan forbearance agreement regarding non-compliance with financial covenants

By Sara Rosenberg

New York, March 16 - GTSI Corp. has received a forbearance agreement from its loan lenders covering defaults on some financial covenants related to pre-tax earnings for the trailing 12 months, according to a company news release.

In addition, lenders have decided to keep the credit facility maturity date at May 31, instead of allowing for the one-year renewal period.

To that end, GTSI is proceeding to arrange a new financing agreement to meet its longer-term borrowing needs.

GTSI is a Chantilly, Va.-based information technology services provider to the government market.

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