USA: Northland Cranberries, Inc. successfully negotiates forbearance agreement with banks
Northland Cranberries, Inc. (Nasdaq: CBRYA), manufacturer of Northland 100% juice cranberry blends and Seneca fruit juice products, today announced that it has successfully entered into a forbearance agreement with its bank group. Under the forbearance agreement, the banks have allowed Northland to defer principal and interest payments under its $155 million revolving credit agreement until February 12, 2001. During this period, the banks also agreed not to exercise various remedies available to them as a result of Northland's defaults under certain covenants and payment requirements of its secured debt arrangements as long as Northland is in compliance with the terms and conditions of the forbearance agreement. Northland agreed with the banks to perform certain actions, among them (1) paying the banks a forbearance fee; (2) obtaining a forbearance agreement and waivers from certain other creditors and third parties; (3) moving certain company accounts to the agent bank; and (4) promptly supplying the banks with certain financial and other information about the company and its assets.
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