Protection OneÃ¢â‚¬â„¢s credit due date extended
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 companyÃ¢â‚¬â„¢s debt status.
The original contracts required the companyÃ¢â‚¬â„¢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.