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Forbes Energy Services Enters Forbearance
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Forbes Energy Services LLC and some of its lenders under its existing Loan and Security Agreement entered into a forbearance agreement.
The lenders have agreed to forbear from declaring the loans and all other obligations under the Term Loan to be due and payable as a result of the occurrence of certain specified defaults, including failure to pay interest in cash on a scheduled interest payment date and failure to comply with the requirements to provide notice related to any default or event of default in respect of the interest payment scheduled for July 1, 2020.
As you might remember, Forbes had entered into an agreement to be acquired by Superior Energy Services. That deal was axed by Superior in May.
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