This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Parlux Signs Extension With Regions Bank 2009-10-30 10:56 ET - News Release FORT LAUDERDALE, Fla., Oct. 30, 2009 (GLOBE NEWSWIRE) -- Parlux Fragrances, Inc. (Nasdaq:PARL) announced today that it has signed a Second Amendment to Loan Agreement and Amendment to Forbearance Agreement (the "Second Amendment") with Regions Bank extending the forbearance period through February 15, 2010 and calling for Parlux to repay the remaining loan balance over the course of the extension period. The Second Amendment calls for the Company to continue to comply with certain covenants, as previously defined in the Forbearance Agreement with Regions Bank under the Loan and Security Agreement, dated as of July 22, 2008, as amended. The Company now is in full compliance with all covenants under the Loan and Security Agreement, as amended, and anticipates that it will be able to remain in compliance during the term of the extension.
Mr. Neil J. Katz, Chairman and CEO, noted, "We are very pleased to have concluded this process in a manner that was amenable to both parties. Based upon our internal projections, we anticipate being able to comfortably pay down the remaining debt as now scheduled, while producing and shipping our holiday products during this important season. We plan to share further details regarding this transaction during our investor conference call scheduled for next week."
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