Symmetry Medical amends loan, waiving filing deadline and covenant non-compliance

By Sara Rosenberg

New York, April 24 - Symmetry Medical Inc. amended its credit facility, waiving a default that resulted from a delay in delivering its 10-K and certain other financial statements, and non-compliance with financial covenants due to accounting irregularities, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Wachovia is the administrative agent on the deal.

The amendment was entered into on April 22.

On March 27, the company had entered into a similar amendment that called for financial statements to be delivered by April 14. Since the company was unable to comply with that deadline, a new amendment had to be obtained.

Symmetry Medical is a Warsaw, Ind.-based designer, developer and producer of implants and related instruments for orthopedic device manufacturers.

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