SR Telecom Receives Waivers in Respect to 8.15% Debentures and CTR Debt
25 April 2005 - 5:31PM
PR Newswire (US)
SR Telecom Receives Waivers in Respect to 8.15% Debentures and CTR
Debt MONTREAL, April 25 /PRNewswire-FirstCall/ -- SR Telecom(TM)
Inc. (TSX: SRX; Nasdaq: SRXA) announced today that it has received
a waiver from the required majority of its Debenture holders
extending the maturity date of the Corporation's 8.15% Debentures,
due April 22, 2005, to June 30, 2005, unless otherwise agreed to by
the required majority of the Debenture holders. SR Telecom has also
received a waiver from the lenders to its service provider
subsidiary in Chile, Comunicacion y Telefonia Rural S.A. (CTR).
CTR's lenders, Export Development Canada and the Inter-American
Development Bank, have waived compliance with certain financial and
operational covenants contained in CTR's loan documents to May 1,
2005. The waivers have been granted pending final agreements from
the restricted group of Debenture holders and CTR's lenders with
respect to the Corporation's proposed recapitalization initiative,
which was announced on April 18, 2005. About SR Telecom SR TELECOM
(TSX: SRX, Nasdaq: SRXA) designs, manufactures and deploys
versatile, Broadband Fixed Wireless Access solutions. For over two
decades, carriers have used SR Telecom's products to provide
field-proven data and carrier-class voice services to end-users in
both urban and remote areas around the globe. SR Telecom's products
have helped to connect millions of people throughout the world. A
pioneer in the industry, SR Telecom works closely with carriers to
ensure that its broadband wireless access solutions directly
respond to evolving customer needs. Its turnkey solutions include
equipment, network planning, project management, installation and
maintenance. SR Telecom is a principal member of WiMAX Forum, a
cooperative industry initiative which promotes the deployment of
broadband wireless access networks by using a global standard and
certifying interoperability of products and technologies.
FORWARD-LOOKING STATEMENTS Except for historical information
provided herein, this press release may contain information and
statements of a forward-looking nature concerning the future
performance, financial condition and financing plans of the
Corporation. These statements are based on suppositions and
uncertainties as well as on management's best possible evaluation
of future events. Such factors may include, without excluding other
considerations, fluctuations in quarterly results, evolution in
customer demand for the Corporation's products and services, the
impact of price pressures exerted by competitors, and general
market trends or economic changes. As a result, readers are advised
that all of the forward-looking statements in this news release are
qualified by these cautionary statements and actual results or
developments may differ from expected results or developments and
that such differences may be significant. The Corporation expressly
disclaims any obligation to update any forward-looking information.
SR TELECOM is a trademark of SR Telecom Inc. All rights reserved
2005. All other trademarks are property of their owners.
DATASOURCE: SR TELECOM INC. CONTACT: David Adams, (Senior
Vice-President, Finance and CFO), (514) 335-4035; Scott Lawrence,
(Maison Brison); (514) 731-0000, ; http://www.srtelecom.com/
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