TORONTO - Pluribus Technologies Corp. (TSXV: PLRB), a technology company specializing in the acquisition of B2B tech companies, has reached a forbearance agreement with the National Bank of Canada (OTC:NTIOF) concerning a $23 million loan default. The agreement, effective as of today, allows Pluribus to postpone addressing the default under specific conditions until March 29, 2024, or the occurrence of a Forbearance Termination Event.
The loan in question stems from a secured credit agreement dated April 27, 2022, which involved Pluribus and some of its subsidiaries. The forbearance agreement provides Pluribus with temporary relief from the lender's rights and remedies that would typically be exercised in the event of a default.
Additionally, the agreement enables the continuation of Pluribus's strategic review process, initiated to evaluate potential avenues for enhancing growth and shareholder value. This process is aimed at exploring various strategic alternatives available to the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.