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The forbearance agreements extend the time for Vitesse to negotiate a restructuring of its indebtedness. Under the terms of these forbearance agreements the holders of over 98.8 percent of the 2024 Debentures and the lenders for the senior secured loan have agreed to forbear from pursuing any remedies with respect to the collection of the 2024 Debentures or the senior secured loan until 12 pm (EDT) on October 16.
Vitesse and the holders of the 2024 Debentures and the lenders of the senior secured loan are actively negotiating the terms of a potential restructuring arrangement of the 2024 Debentures and the senior secured loan with the objective of reaching agreement by the end of the forbearance period. Vitesse has agreed to pay the forbearing holders of the 2024 Debentures interest at the annual rate of 15.0 percent for the period from October 1, to the end of the forbearance period, subject to the right to have this forbearance interest waived under certain conditions.
Any restructuring arrangement of Vitesse's 2024 Debentures and senior secured loan is subject to negotiation and execution of definitive agreements. Until such definitive agreements are negotiated in their entirety and executed, there can be no assurance that any debt restructuring will be completed by the end of the forbearance period or at all. In the event that Vitesse is not able to successfully negotiate and complete a debt restructuring, Vitesse intends to explore all other restructuring and reorganization alternatives.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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