RSTO » Topics » Bank Waiver

This excerpt taken from the RSTO 10-Q filed Dec 13, 2007.

Bank Waiver

In connection with the Merger Agreement, the Company and The Michaels Furniture Company, Inc. entered into a waiver (the “Waiver”) with Bank of America, N.A., The CIT Group/Business Credit, Inc. and Wells Fargo Retail Finance, LLC (collectively, the “Lenders”), dated as of November 8, 2007, pursuant to which the Lenders waived any event of default under that certain Eighth Amended and Restated Loan and Security Agreement among the Company, The Michaels Furniture Company, Inc. and the Lenders, dated as of June 19, 2006 (the “Credit Agreement”), that would otherwise arise due to a change of control of the Company resulting from the Merger. In addition, the Waiver amended the definition of “Change in Control” in the Credit Agreement to exclude certain transactions with Catterton Partners.

 

11


Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This excerpt taken from the RSTO DEFA14A filed Nov 8, 2007.

Bank Waiver

In connection with the Merger, the Company and The Michaels Furniture Company, Inc. entered into a waiver (the “Waiver”) with Bank of America, N.A., The CIT Group/Business Credit, Inc. and Wells Fargo Retail Finance, LLC (collectively, the “Lenders”), dated as of November 8, 2007, pursuant to which the Lenders waived any event of default under that certain Eighth Amended and Restated Loan and Security Agreement among the Company, The Michaels Furniture Company, Inc. and the Lenders, dated as of June 19, 2006 (the “Credit Agreement”), that would otherwise arise due to a change of control of the Company resulting from the Merger. In addition, the Waiver amended the definition of “Change in Control” in the Credit Agreement to exclude certain transactions with Catterton Partners.

 

ITEM 7.01 REGULATION FD DISCLOSURE
This excerpt taken from the RSTO 8-K filed Nov 8, 2007.

Bank Waiver

In connection with the Merger, the Company and The Michaels Furniture Company, Inc. entered into a waiver (the “Waiver”) with Bank of America, N.A., The CIT Group/Business Credit, Inc. and Wells Fargo Retail Finance, LLC (collectively, the “Lenders”), dated as of November 8, 2007, pursuant to which the Lenders waived any event of default under that certain Eighth Amended and Restated Loan and Security Agreement among the Company, The Michaels Furniture Company, Inc. and the Lenders, dated as of June 19, 2006 (the “Credit Agreement”), that would otherwise arise due to a change of control of the Company resulting from the Merger. In addition, the Waiver amended the definition of “Change in Control” in the Credit Agreement to exclude certain transactions with Catterton Partners.

 

ITEM 7.01 REGULATION FD DISCLOSURE
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki