It also announced a forbearance agreement from lenders under the company's $490 million senior secured term loan.
The company has obtained a forbearance agreement from the holders of about 70percentt of the value of 8.5percentt senior secured notes due 2015, on which the company missed interest payments in December.
Consider applying for a forbearance if: you have a sudden financial hardship.
After months of wrangling, the bank agreed to a "forbearance plan" that cut Tim's payments from $1,100 to $600.
It was a notable demand for forbearance from Mr. King, who in June played the leading role in forcing the Barclays chief executive, Robert E. Diamond Jr., to resign after regulators in the United States and Britain implicated the bank in a rate-fixing scandal involving the London interbank offered rate, or Libor.
--Looking for Employment, Houston, TexasA.If you have private student loans from Sallie Mae, you may be able to negotiate a forbearance: a temporary postponement of payments during which interest accrues.
They may agree to extend your grace period for late payments or to allow you to skip anywhere from 1-6 payments over a 1-2 year period (a forbearance).
In a forbearance program, a lender agrees not to foreclose on a property and gives a borrower several months' grace from or reduction in monthly mortgage payments.
In 2003, the Wellmans signed a forbearance agreement with National City.
A forbearance is only a temporary solution, which often digs the borrower into a deeper hole.
"They're still charging a forbearance fee, which they don't for federal loans.
