SatCon Gets Extension Of Forbearance Pact
DOW JONES NEWSWIRES
CAMBRIDGE, Mass. -- SatCon Technology Corp. (SATC) got an extension on its forbearance agreement to Feb. 15, giving the company more time to to complete a debt and equity financing transaction.
In a press release Wednesday, SatCon said this extension is the second granted by Silicon Valley Bank.
SatCon received a similar extension on Jan. 15 for the $5 million revolving credit agreement.
Last year, SatCon's accountants, Grant Thornton LLP, issued a going concern qualification with the company's full year 2002 results.
SatCon Technology Corp. Nasdaq-listed shares recently traded at $0.79, down 12 cents, or 13.2%, on a composite volume of 110,700 shares. Average daily volume is 72,430 shares.
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SATCON IN NEGOTIATIONS TO REVISE LINE OF CREDIT COVENANT
Cambridge, MA -- December 3, 2002 -- SatCon Technology Corporation® (Nasdaq NM: SATC), a leader in critical power systems, announced today that it has not satisfied a covenant in its loan agreement with Silicon Valley Bank, requiring that SatCon raise a minimum of $4.0 million of new equity or subordinated debt by December 1, 2002. SatCon is in discussions with Silicon Valley Bank to seek to amend the agreement to extend the time period in which to raise the additional investmnet. Currently, SatCon is in discussions with potential investors regarding raising additional capital. |
