Wornick receives fourth extension of lender, noteholders default forbearance agreements

By Caroline Salls

Pittsburgh, Oct. 31 - The Wornick Co. and its subsidiaries received a fourth set of extensions on their forbearance agreements with lender DDJ Total Return Loan Fund, LP and some of its noteholders, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the amended loan forbearance agreement, DDJ extended its agreement not to exercise its rights related to Wornick's default for failure to make the July 15 interest payment on its notes to Dec. 4 from Oct. 30.

Under the noteholder forbearance agreement, the noteholders have agreed not to act on any existing or future defaults until Dec. 6, extended from Nov. 1.

As previously reported, Wornick did not make the July 16 interest payment on its notes, and failure to make the interest payment by Aug. 15 constituted an event of default under both the note indenture and loan agreement.

Wornick is a Cincinnati-based food processing and packaging company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.