O'Sullivan gets more time to deal with note payments
By Furniture Today Staff -- Furniture Today, October 10, 2005
Roswell, Ga. — Ready-to-assemble furniture major O'Sullivan Inds. has extended until Sept. 30 its forbearance agreement with the controlling holders of its 10.63% senior secured notes. The agreement to suspend interest payments on the notes, which come due in 2008, could be extended further.
O'Sullivan said it is in continuing negotiations with creditors on a restructuring of its balance sheet.
President and CEO Bob Parker said the extension of the forbearance agreement reflected the "continued positive progress that is being made in the ongoing negotiations."
