MedQuest gets limited waiver of defaults, extends financial reporting deadline

By Sara Rosenberg

New York, May 16 - MedQuest Inc. got a limited waiver through June 30 under its credit facility extending the limited waiver that the company got on March 30 regarding certain defaults and extending the reporting deadline for fiscal quarter ended March 31 financials that were due on May 15, according to an 8-K filed with the Securities and Exchange Commission Monday.

The company expects to continue discussions with the lenders to obtain a permanent waiver of any defaults and/or events of default that may have occurred, the filing added.

As of May 13, MedQuest had a cash bank balance of about $8.5 million, a cash book balance of about $2.5 million and about $8 million of additional borrowing capacity under the senior credit facility.

Wachovia Bank is the administrative agent on the deal.

The limited waiver was completed on May 13.

MedQuest is a Salt Lake City-based center for blood pump research and development.

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