ITEM 1.01. Entry into a Material Definitive Agreement.
On March 29, 2022, the company entered into a forbearance agreement with a
majority of its unsecured creditors by debt amount. Under the terms of the
agreement, the unsecured creditors will not exercise any of their rights under
the various debt instruments against the company for a period of ninety (90)
days in order to allow the company to restructure its obligations and
operations.
Also, on March 29, 2022, the company entered into a security agreement and
guaranty agreement with a majority of its unsecured creditors by debt amount.
Under the terms of the agreement, the unsecured creditors were able to
collateralize the company's assets against their outstanding debts, subject to
preexisting security agreements with other creditors.
The foregoing summary of the forbearance agreement, the security agreement, and
the guaranty agreement (the "Creditor Agreements") is not complete and is
qualified in its entirety by reference to the Creditor Agreements, copies of
which are filed as Exhibits 10.13, 10.14 and 10.15.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
10.13 Forbearance Agreement
10.14 Security Agreement
10.15 Guaranty Agreement
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