MAAX Corporation Forbearance Period Extended To April 1, 2008
MONTREAL, March 19 /PRNewswire/ -- MAAX Corporation announced today that the Company and its Principal Lenders have agreed to amend the existing Forbearance Agreement and extend the Forbearance Period to April 1, 2008.
"Ongoing discussions between MAAX and its principal lenders and certain of its stakeholders are progressing. MAAX believes that it is in the best interest of the Corporation to continue to pursue these discussions amongst certain of its stakeholders. Our ultimate objective is to significantly improve MAAX's capital structure and increase the Company's liquidity", stated Paul Golden, President and CEO, MAAX Corporation. The mutual agreement also enables MAAX to continue to operate without interruption and MAAX will continue to provide customers with the outstanding customer service, quality and innovative products they have come to expect of it.
About MAAX MAAX is a leading North American manufacturer of award-winning bathroom products and spas for the residential housing market. The corporation is committed to offering its customers an enjoyable experience: distinctive, stylish, and innovative products and the best customer service practices in the industry. The company currently employs more than 2,300 people in 16 plants and independent distribution centers throughout North America and Europe. Visit us at www.maax.com
CONTACT: Stephanie Jarrold, Corporate Director, Communications, (514)
2008-03-19 17:12:05 0316745 PRNEWSWIRE
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