[Satellite Today 04-17-09] Primus Telecommunications Group, an integrated IP communications services provider, has entered into a forbearance and waiver agreement with a requisite majority of its first lien term loan lenders, Primus announced April 15.
    As part of the agreement, Primus will file an amended disclosure statement and restructure its debt pending approval from its shareholders and bankruptcy court. A bankruptcy court confirmation hearing has been scheduled for June 12.
    “I am pleased that we were able to reach agreement with the term loan lenders that allows us to move forward with our consensual financial restructuring in an expedited manner. We now have secured the approval of all of our major creditor groups that should allow us to complete expeditiously a successful restructuring of the balance sheets of our holding companies without any interference or disruption to our operating subsidiaries. While work remains to be done, the path has become clear,” Paul Singh, chairman and CEO of Primus, said in a statement.