MAAX forbearance agreement extended to April 1; talks progress

By Caroline Salls

Pittsburgh, March 19 - MAAX Corp.'s principal lenders have agreed to extend the company's default forbearance period to April 1 while discussions with the principal lenders and some of MAAX's stakeholders are progressing, according to a company news release.

"Our ultimate objective is to significantly improve MAAX's capital structure and increase the company's liquidity," president and chief executive officer Paul Golden said in the release.

The extended forbearance agreement also enables MAAX to continue to operate without interruption, the release said.

As previously reported, the forbearance agreement, which covers potential defaults related to non-compliance with a minimum consolidated adjusted EBITDA covenant, was originally set to expire on Feb. 1, with an option to extend it through March 19.

MAAX is a Montreal-based manufacturer of bathroom and spa products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.