MISSISSAUGA, Ontario (Oct. 1, 2009)—MTI Global Inc. has reached an agreement with a primary lender to postpone repayment of a loan.
The silicone rubber component maker said it has signed a new forbearance agreement with its principal Canadian bank, extending the arrangement to Feb. 26, 2010, subject to certain conditions. The company didn't disclose the name of the bank nor the amount of the loan.
This latest agreement, combined with the recently announced $7.4 million subordinated debt financing agreement with Wellington Financial L.P., demonstrates MTI continues to retain the support of its lenders, the firm said. “Taken together, these new lender arrangements provide us with the ability to move forward and meet our near-term objectives,” said Bill Neill, MTI president and CEO.