Corporation continues to seek an extension of maturity from debenture
MONTREAL, May 29 /CNW Telbec/ - ExelTech Aerospace Inc. (TSX-V: XLT), a
leading aircraft maintenance, repair and overhaul provider with operations in
Montreal and Quebec City, following its announcement of May 20, 2009,
announced that it is still in discussions with holders of the debentures due
May 29, 2009 (the "Debentures") to extend the maturity date of the Debentures
for a period of six (6) months, to November 30, 2009. As of today, the
required 66 2/3% consent has not yet been obtained from the debenture holders.
As previously announced, one of the conditions of the Corporation's credit
facility is that ExelTech must refinance the Debentures with third party debt
or equity. ExelTech is currently in discussion with certain parties to provide
financing in order to retire the Debentures and for general working capital
needs. No definitive agreements with potential investors have been reached yet
and there can be no assurance that such agreements will be reached.
ExelTech will continue to seek the necessary consents for the purposes of
extending the maturity date of the Debentures. However, there can be no
assurance that the requisite proportion of consents will be obtained.
About ExelTech Aerospace
With 310,000 square feet (28,800 square meters) of hangar, shop and
office space in three facilities at Montreal and Quebec City, and with
marketing offices in the US, ExelTech Aerospace provides maintenance repair
and overhaul services to airlines in Canada, the US and 25 other countries
around the world.
To learn more about ExelTech Aerospace Inc. (TSX-V: XLT), please visit
our website at www.exeltech-aerospace.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy of this release.
For further information:
For further information: Sylvain Duval, President and Chief Operating
Officer, (514) 631-8999 ext. 2275, firstname.lastname@example.org