Cash-strapped NexCen Brands Inc. and BTMU Capital Corp. said Monday that they entered into a letter of agreement that extends a forbearance period by one week until this Friday.
The agreement with BTMU Capital Corp. gives NexCen access to additional cash from its lockbox accounts and limited forgiveness from “certain alleged defaults.” The company agreed to give monthly rather than quarterly updates on its operations and cash flow to the lender.
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