Fedders Announces Agreement With Holders of Senior Notes and Senior Lender
14 Settembre 2005 - 6:57PM
PR Newswire (US)
LIBERTY CORNER, N.J., Sept. 14 /PRNewswire-FirstCall/ -- Fedders
Corporation (NYSE:FJC) (the "Company"), a leading global
manufacturer of air treatment products, including air conditioners,
furnaces, air cleaners, dehumidifiers and humidifiers, announced
today that it has completed an agreement with holders representing
more than a majority in principal amount of Fedders North America's
$155 million principal amount of 9 7/8% Senior Notes due 2014 (the
"Senior Notes") for a waiver of the existing event of default under
the Senior Notes. The event of default results from the Company's
failure to timely file its Form 10-K for the year ended December
31, 2004 and to timely file its subsequent quarterly reports, as
previously announced. The Company has also completed an agreement
with its senior lender for a waiver of the default under its
agreement with the senior lender, also related to the failure to
timely file the Form 10-K and subsequent quarterly reports. The
agreement with the holders of the Senior Notes modifies certain
provisions of the indenture pursuant to which the Senior Notes were
issued to, among other things, include the Company in the indenture
covenants. Fedders North America paid all accrued interest due on
the Senior Notes on September 14, 2005. In a presentation to the
holders of the Senior Notes held on July 27, 2005, the Company
disclosed, under the terms of a confidentiality agreement expiring
today, that it has offered for sale all of the capital stock of
Melcor, its thermal management subsidiary, and an industrial
facility and 182 acres of development property in Walkersville,
Maryland. The Company currently expects minimum cash proceeds from
the two transactions to total in excess of $30 million. An auction
of the facility and property in Maryland will take place on
November 1, 2005. This news release includes forward-looking
statements that are covered under the "Safe-Harbor" clause of the
Private Securities Litigation Reform Act of 1995. Such statements
are based upon current expectations and assumptions. Actual results
could differ materially from those currently anticipated as a
result of known and unknown risks and uncertainties including, but
not limited to, weather and economic, political, market and
industry conditions and reliance on key customers. Such factors are
described in Fedders' SEC filings, including its most recently
filed annual report on Form 10-K. The company disclaims any
obligation to update any forward-looking statements to incorporate
developments occurring after release of announcement. Visit the
Fedders investor information website at http://www.fedders.com/ to
access additional information on Fedders. DATASOURCE: Fedders
Corporation CONTACT: Robert Laurent, Jr. of Fedders Corporation,
+1-908-604-8686, Web site: http://www.fedders.com/
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