Workflow Management receives waiver extension on covenant defaults

By Sara Rosenberg

New York, Oct. 16 - Workflow Management Inc. received an extension of a waiver of covenants defaults under its secured credit facility. The waiver will now be in effect from Oct. 15 through Jan. 15, 2003.

Under the waiver, leverage ratios and minimum EBITDA targets have been revised to reflect the company's current projections through Jan. 15, 2003; terms and conditions of the outstanding director and officer loans cannot be amended or renewed and proceeds from the collections of these loans must be used to reduce bank debt; and, advisors are required to make final recommendations to the Special Committee in mid-November and a new business plan must be finalized by Nov. 30.

"We are pleased that the company's lenders have extended the waiver until January 15, 2003 so that the Special Committee of the company's board of directors, with the assistance of its financial advisors, and management, can complete the process of assessing long-term financial and strategic alternatives. The company remains committed to solidifying its capital structure as part of this process," said Thomas D'Agostino, Sr., chairman, president and chief executive officer, in a news release.

Workflow Management is a Palm Beach, Fla. provider of print outsourcing solutions.

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