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Long Run Inks Forbearance Extension Ahead of Takeover
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Long Run Exploration Ltd. has entered into an extension to the interim forbearance and amending agreement to its credit agreement with its lending syndicate.
This comes after the company signed a buyout deal with Chinese investors.
The extension of the forbearance relief from January 22, 2016 to January 29, 2016 reflects the progress made to date in documenting the amendments to Long Run's credit facilities, which is a pre-condition to the implementation of the plan of arrangement announced on December 21, 2015. Long Run expects that such amendments will be executed by the end of the forbearance period.
Long Run and the purchaser continue to work together toward the completion of the Arrangement for the benefit of all stakeholders. The forbearance extension has no impact on the…
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