Forbes Energy Services 9% noteholders further extend forbearance term

By Caroline Salls

Pittsburgh, Dec. 16 – Forbes Energy Services Ltd. entered into a fifth amendment to the forbearance agreement reached July 15 with holders of its 9% senior notes due 2019, according to an 8-K filed Friday with the Securities and Exchange Commission.

The fifth amendment extends the forbearance period until the earlier of 12:59 a.m. on Dec. 24 and other specified events, including termination of the company’s loan forbearance agreement.

The forbearance period was previously scheduled to expire on Dec. 15.

Forbes said it is still in discussions with the forbearing noteholders, the lender agent and the lenders regarding a proposed financial restructuring.

Under the loan forbearance, which is scheduled to expire on Dec. 28, the agent and lenders agreed not to exercise any rights related to the company’s failure to make an interest payment due June 15 on the notes, the 8-K said.

Forbes Energy is an Alice, Texas, oilfield services company.

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