Franklin Credit secures extension of Huntington loan forbearance

By Caroline Salls

Pittsburgh, Jan. 11 - Franklin Credit Holding Corp. and subsidiaries including Franklin Credit Asset Corp. have entered into a seventh amendment to their forbearance agreement and master credit agreement with The Huntington National Bank, according to an 8-K filed with the Securities and Exchange Commission.

The agreements are related to $39 million of bank debt, which is the remaining debt to Huntington not restructured on March 31, 2009.

Under the seventh amendment, the forbearance period has been extended up to but not including Sept. 30, 2011 from Dec. 31.

Subsidiary Franklin Credit Management Corp. is not obligated to the bank for the unrestructured debt, and is not part of the forbearance, the filing said.

Franklin Credit is a Jersey City-based specialty consumer finance company.

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