Quintis 8¾% noteholders lower minimum cash balance requirement

By Wendy Van Sickle

Columbus, Ohio, Sept. 21 – Quintis Ltd. said holders of a majority of its 8¾% senior secured notes agreed to amend the terms of a waiver agreement to reduce the company’s required minimum aggregate cash balance.

Specifically, the amount was reduced to $13 million less any payments made with respect to a put option agreed upon by a majority of noteholders from $18 million.

Quintis received the waiver from the majority of noteholders on July 10. Under the waiver, the noteholders agreed to forbear from taking action over Quintis’ failure to provide its financial statements for the quarter ended March 31 by the May 30 deadline.

The company said it is continuing talks with a number of parties regarding a recapitalizations.

“The discussions are well progressed, but no binding agreements have been entered into and there is no guarantee that the recapitalization will be completed in this form or another form,” the company said in the news release.

Quintis is a Perth, Australia producer of sandalwood.

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