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Quintis misses deadline for providing quarterly financial statements
By Angela McDaniels
Tacoma, Wash., Dec. 1 – Quintis Ltd. failed to provide financial statements for the quarter ended Sept. 30 to the holders of its 8¾% senior secured notes on time, but a “significant majority” of the noteholders agreed to refrain from taking enforcement action, according to a company news release.
Under the terms of the notes, the company must provide quarterly financial statements to the noteholders within 60 days of the end of each of the first three fiscal quarters of its fiscal year. Quintis failed to do so for the quarter ended Sept. 30.
The failure constitutes an event of default if the trustee or a requisite number of noteholders provides a default notification and the company does not cure the default within 30 days. The company said it has not received a default notification from the trustee.
As previously reported, the company entered into the forbearance agreement with a majority of the noteholders after it failed to make the $10.9 million interest payment due on the notes on Aug. 1. The noteholders agreed to forbear from taking enforcement action related to the default arising from the missed interest payment until March 1, 2018.
Additionally, 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.
During the forbearance period, interest continues to accrue on the notes, including interest on the interest payment that was due on Aug. 1.
The company said it is continuing discussions with a number of parties about a recapitalization. The recapitalization, if implemented, will be subject to shareholder and regulatory approvals, due diligence and other conditions precedent. The company gave no guarantee that the recapitalization will be completed.
Quintis is a Perth, Australia, producer of sandalwood.
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