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COPYRIGHT 2002 PR Newswire Association LLC
Travis Boats & Motors, Inc. ("Travis Boats" or the "Company") today filed with the Security and Exchange Commission a Form 12b-25 Notification of Late Filing of the Company's 10-K for the fiscal year ended September 30, 2002. The Company requested the extension of the filing deadline for 15 days due to financing negotiations that have precluded the senior management from attending to the 10-K filing in a timely manner. Senior management has been working with the Company's senior inventory lenders and a major shareholder to negotiate a number of agreements intended to provide the Company with sufficient capital to meet current short-term financing needs from the Company's seasonal "off season" through the upcoming boat show selling season and to increase the Company's borrowing limits.
The Company also announced today that it has reached an agreement with its senior inventory lenders to amend its senior credit agreements to (i) waive various current or anticipated defaults, (ii) modify certain covenants and terms, and (iii) to extend the maturity date under those agreements from the original expiration date of January 31, 2003 to the new date of April 30, 2003, unless otherwise terminated earlier in accordance with the terms of the agreements. The Company's major shareholder has been...
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