Hi-Rise Recycling Systems, Inc. entered into
an agreement with General Electric Capital's Commercial Equipment Financing
Unit and other lenders providing for a new $5.5 million loan under its existing
credit facility.
The new loan facility will be provided
through February 15, 2001. Pursuant to the agreement, the lenders agreed to
forbear with respect to the existing defaults under the credit facility until
that date. The $5.5 million loan and the forbearance agreement will provide High
Rise additional liquidity while the new senior management team implements new
operating policies.
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