This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

UniTek Global Services, Inc. Further Extends Forbearance Agreement With Lenders

BLUE BELL, Pa., June 13, 2013 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK), a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, today announced that it has entered into further amendments to its previously-disclosed Forbearance Agreements with the Company's lenders under its Term and Revolving Credit Agreements. The amendments further extend, through June 30, 2013, the termination of the standstill periods contained in the original April 30, 2013 Forbearance Agreements. The amendments are subject to extension in certain circumstances.

In connection with the extensions, the Company paid in full the interest payment that was due on May 29, 2013 under the Term Credit Agreement.

The Company also announced that during this forbearance period, it will continue its exploration of refinancing alternatives for its indebtedness, assisted by Miller Buckfire & Co., a leading New York-based investment banking and capital markets firm.

"We are grateful to our lenders for their ongoing support of the Company and willingness to cooperate with us as we continue to work closely with Miller Buckfire to evaluate potential refinancing alternatives," said Rocky Romanella, Chief Executive Officer of UniTek Global Services. "I have great confidence in the ability of our team and our outside advisors to help us complete this process so that we can focus on the execution of our growth strategy."

Update on 2012 Financial Results

UniTek also announced that it is continuing its work to complete the Company's financial statements for 2012 and the restated financial information for prior periods. In addition to the financial statements that the Company previously announced it would be restating, the Company will also be restating its financial information for the second fiscal quarter ended July 2, 2011. As with its other announced restatements, this restatement is related to the Company's previously reported revenue recognition issues.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,647.20 -128.92 -0.73%
S&P 500 2,051.08 -16.81 -0.81%
NASDAQ 4,851.7610 -49.1240 -1.00%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs