GE Capital grants interest waiver to Curative
GE Capital has granted a temporary waiver to ailing health sciences corporation Curative of Nashua for payment on the interest of nearly $27 million in senior notes.
After Curative announced Nov. 1 that it was delaying payments of senior notes, citing a 30-day grace period, GE Capital, as a creditor, gave notice of the event as defaulting on its loan.
Discussions between GE Capital and Curative’s ad hoc committee culminated in GE Capital issuing on Nov. 7 the one-month waiver and a waiver of an event of default.
If Curative fails to pay its interest on 10.75 percent senior notes by Dec. 1, the aggregate principal amount of the notes of $185 million, plus the November interest payment of $9.9 million could be called due in full.
The company also announced that it has re-signed VHA Inc. to a multi-year contract to supply wound care management services.
Irving, Texas-based VHA is a national alliance serving more than 2,400 community-owned health care organizations and affiliated physicians.
Terms of the deal were not disclosed. – CINDY KIBBE