ExelTech announces completion of the extension of the debentures and
provides financing update
MONTREAL, Aug. 13 /CNW Telbec/ - ExelTech Aerospace Inc. (TSX-V: XLT), a
leading aircraft maintenance, repair and overhaul provider with operations in
Montreal and Quebec City, today announced that it has obtained the consent of
a requisite number of holders of the debentures due May 29, 2009 (the
"Debentures") to extend the maturity date of the Debentures for a period of
six months, to November 30, 2009, to raise the interest rate of the Debentures
from 10% to 12% and to entitle the Corporation to repay the Debentures at any
time before November 30, 2009. The Corporation also announced it has entered
into a Supplemental indenture with Computershare Trust Company of Canada,
trustee of the Debentures, and obtained the conditional approval of the TSX
Venture Exchange in respect of such extension.
ExelTech is also progressing well in its discussion with certain parties
to provide financing in order to retire the Debentures before their maturity
date and for general working capital needs. No definitive agreements have been
reached yet and there can be no assurance that such agreements will be
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 and Canada, 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