The company also announced that it has made substantial progress in working with BTMUCC toward a comprehensive restructuring of its loan facility, and it intends to continue to work with its lender to formalize the restructuring by the end of the forbearance period on August 8, 2008.
“We are gratified by the ongoing support of our lender as we work together to develop a long-term financing solution for NexCen,” states Robert W. D’Loren, CEO of NexCen Brands. “Importantly, the progress we have made in working with our lender toward the restructuring of our credit facility enables us to continue implementing our operating plans for both our license and franchise businesses.”
While NexCen is working with BTMUCC to conclude a comprehensive restructuring of its loan facility by the end of the forbearance period on August 8, 2008, no agreement has yet been reached, and there can be no assurance that any agreement will be reached and approved by the parties by such date, or at all, on terms that will provide the company with the additional liquidity it needs to operate its business.
The five times weekly e-newsletter that keeps you up-to-date on the latest industry news and additions to this website.