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Published on 5/5/2010 in the Prospect News Bank Loan Daily and Prospect News Distressed Debt Daily.

Medical Staffing gets loan waiver, extending forbearance agreement

By Sara Rosenberg

New York, May 5 - Medical Staffing Network Holdings Inc. entered into a waiver under its credit facility, extending a forbearance agreement until June 4, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

In addition, the waiver allows the company to enter into an escrow agreement for the benefit of its vendor-managed services clients and subcontractors.

The waiver was obtained on April 30.

GE Capital is the administrative agent on the deal.

The company continues to be in discussions with its lenders with respect to a possible restructuring of its debt and capital structure. If an acceptable agreement is not reached, the company may have to file for Chapter 11.

Medical Staffing is a Boca Raton, Fla.-based health care staffing company.


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