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Energy Services of America Corp And Subsidiary Corporations Updates On Forbearance Agreement With United Bank, Inc-Form 8-K


Friday, 4 Oct 2013 02:21pm EDT 

Energy Services of America Corp reported in its Form 8-K that on November 28, 2012, the Company and its subsidiary corporations, C.J. Hughes Construction Company, Inc., Contractors Rental Corporation, Nitro Electric Company, Inc. and S.T. Pipeline, Inc. (collectively, the Obligors) entered into a forbearance agreement with United Bank, Inc., whereby the Obligors acknowledge that they are in default under the terms of two credit facilities between United Bank, Inc. and the Company and United Bank, Inc. has agreed to forbear from exercising certain of its rights and remedies under the loan agreements and related documents. The Forbearance Agreement was subsequently amended. On October 1, 2013, the parties entered into an amendment to the forbearance agreement which extends the period under which the Company must raise $1,025,000 in cash equity previously due to be raised by September 30, 2013 until October 31, 2013. The remaining provisions of the new forbearance agreement are substantially the same as those in the Agreement. 

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26 Nov 2014