BluePhoenix Solutions BPHX, the leading provider of value-driven legacy IT modernization solutions, announced today that it has amended its debt agreements.
The company has agreed with the banks on a new set of covenants, including certain financial ratios which are more favorable to the company. The debt is secured as a first lien by the company's assets. This will result in approximately $5.1 million (as of today) being reclassified from short term to long term debt.
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