MTI Global wins further bank reprieve

ERJ staff report (DS)

Mississauga, Ontario -- Silicone rubber component maker, MTI Global has reached a further agreement with its banks. The Compansaid it has signed a new forbearance agreement with its principal Canadian bank, extending the arrangement to Friday, February 26, 2010, subject to certain conditions.

This latest agreement, combined with the recently announced $7.4 million subordinated debt financing agreement with Wellington Financial LP, demonstrates that the Company continues to retain the support of its lenders, said MTI in a statement..

"Taken together, these new lender arrangements provide us with the ability to move forward and meet our near-term objectives" said Bill Neill, MTI President and CEO.

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Press release from MTI