Monday, August 22, 2005

Parker: Agreement will keep O'Sullivan factories open

Just a couple of days after reaching a forbearance agreement with its debtors, O'Sullivan Industries has amended its revolving credit agreement with General Electric Capital Corp., staving off imminent financial peril.
The company filed the agreement with GE with the federal Securities and Exchange Commission Friday. GE will not force O'Sullivan to default even though the Atlanta-based company, still the biggest employer in Lamar, failed to make its July 15 interest payment on $100 million worth of senior subordinated notes.
Million-dollar CEO Bob Parker says the agreement with GE will enable O'Sullivan Industries to keep its factories going.

No comments: