Westaff amends, pushing out loan forbearance through April 7

By Sara Rosenberg

New York, Feb. 20 - Westaff Inc. amended its credit facility forbearance agreement so that the banks agreed not to exercise any of their default rights through April 7 regarding non-compliance with the fixed-charge coverage ratio, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Also, under the amendment, the revolver was reduced to $28 million from $33 million.

U.S. Bank is the administrative agent on the deal.

The amendment was completed on Feb. 17.

Westaff is a Walnut Creek, Calif.-based provider of staffing services.

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