MRU, affiliate secure waiver extensions on loan, secured notes

By Caroline Salls

Pittsburgh, Nov. 17 - MRU Holdings, Inc. affiliate Education Empowerment SPV, LLC secured an extension to a waiver of MRU's tangible net worth and liquidity ratio covenants on a $200 million warehouse loan facility, according to an 8-K filed with the Securities and Exchange Commission.

The covenant waiver was extended to Nov. 21 from Nov. 15.

In addition, MRU's 12% senior secured notes covenant waiver deadline was extended to Nov. 17 from Nov. 14.

As previously reported, the noteholders agreed to temporarily waive a covenant related to the amount of the company's debt in relation to payables, which had been amended to require payables not to exceed $11 million on or before Nov. 3 and not to exceed $5 million after Nov. 3.

MRU is a New York-based provider of student loans.

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