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O'Sullivan Industries in talks for amendment or waiver of debt covenants
By Sara Rosenberg
New York, Feb. 18 - O'Sullivan Industries Inc. is currently in negotiations with lenders regarding obtaining a waiver or an amendment of debt covenants under its credit agreement in anticipation of a possible default, according to a filing with the Securities and Exchange Commission.
At Dec. 31, the company was in full compliance with all debt covenants, however, the company expects that if sales and earnings do not improve from the current outlook an event of default will occur at June 30.
O'Sullivan is a Lamar, Mo. maker of ready-to assemble furniture.
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