Protection One’s credit due date extended

SSN Staff  - 
Thursday, May 20, 2004

May 20, 2004

TOPEKA, Kan. - Protection One, a commercial and residential security provider, has announced that it has reached an agreement with the Quadrangle Group to extend two standstill agreements in regards to the company’s debt status.
The original contracts required the company’s senior lenders and majority stockholders to refrain from exercising certain rights they may be entitled to.
The terms of the extension require Quadrangle to refrain from any debt collection until the end of May.
The company continues to engage in discussions regarding a potential restructuring of its debt with Quadrangle and other affiliated firms.
In a prepared statement, Richard Ginsberg, president and chief executive officer of Protection One, said discussions with debt holders continue to be constructive.