Forbearance agreement extended for Northstar Aerospace
May 15, 2012, Chicago, Il. - Northstar Aerospace announced today that the forbearance agreement entered into with the syndicate of lenders under the Corporation's existing credit facility has been extended.
Under the forbearance agreement, as extended, the lenders have agreed to forbear from the exercise of their rights under the credit facility through June 4, 2012.
The Corporation is continuing its process of exploring and evaluating strategic alternatives for the Corporation. No assurances can be given that any proposal will result in a transaction or that any such transaction will result in value for all of the various stakeholders of the Corporation after the repayment of secured debt. As previously disclosed in the notes to the Corporation's interim financial statements as of September 30, 2011, significant doubt remains regarding the Corporation's ability to continue as a going concern.