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Unique Fabricating Shares Jump After Forbearance Agreement Extension

Engineering and manufacturing company Unique Fabricating Inc (NYSE:UFAB) announced the extension of the Forbearance Agreement with its lenders. The extension is through…
byShivani Kumaresan
June 15, 2021
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  • Engineering and manufacturing company Unique Fabricating Inc (NYSE:UFAB) announced the extension of the Forbearance Agreement with its lenders.
  • The extension is through February 28, 2022.
  • The agreement provides the company with continued access to credit facilities and sufficient liquidity for currently anticipated needs.
  • Unique Fab aims to finalize negotiations with the lenders to enter into an amendment and waiver to cure the defaults during the forbearance period.
  • “Our Lenders understand the well-documented and ongoing uncertainty in the Transportation Market regarding the timing of the full resolution of the chip shortage challenges,” said Doug Cain, President and Chief Executive Officer.
  • A forbearance agreement makes lenders refrain from enforcing their rights or seeking to collect payment of the company’s debt, or disposing of the collateral securing the debt.
  • Price action: UFAB shares are trading higher by 29.7% at $4.24 in premarket on last check Tuesday.
 
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