---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-039984"
form_type: "8-K"
ticker: "QMCO"
cik: "0000709283"
company_name: "QUANTUM CORP /DE/"
filed_at: "2024-02-20T23:59:59+00:00"
generated_at: "2026-06-05T23:33:02.406346+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Quantum obtains waivers for Dec 2023 covenant non-compliance; lenders impose operational advisor and milestones

## Summary
- Term Loan and Revolver credit agreements amended: Dec 31, 2023 leverage covenant not tested; GAAP reporting waived for Q3 FY24 and certain months.
- Company must engage an operational advisor by Feb 29, 2024 and make substantial progress on business initiatives by March 31, 2024.
- Weekly management calls with lenders required; board may need to appoint a new independent director at lenders' request.
- Failure to meet these conditions constitutes an immediate Event of Default under the credit agreements.

## SEC filing metadata
- accession: 0001193125-24-039984
- form_type: 8-K
- ticker: QMCO
- cik: 0000709283
- company_name: QUANTUM CORP /DE/
- filed_at: 2024-02-20T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/709283/000119312524039984/0001193125-24-039984-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/709283/000119312524039984/d766314d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-039984
- JSON: https://secwatch.observer/filing/0001193125-24-039984.json
- Plain text: https://secwatch.observer/filing/0001193125-24-039984.txt

## Key facts
- Material Agreements
  QUANTUM CORP /DE/ amended Revolver Amendment and Waiver with PNC Bank, National Association (effective 2024-02-14).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: PNC Bank, National Association
  - Effective: 2024-02-14
  source text: On February 14, 2024, the Company entered into an amendment and waiver (the “Revolver Amendment and Waiver”) to the Amended and Restated Revolving Credit and Security Agreement, dated as of December 27, 2018
  evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000119312524039984/0001193125-24-039984-index.htm
- Material Agreements
  QUANTUM CORP /DE/ amended Term Loan Amendment and Waiver with Blue Torch Finance LLC (effective 2024-02-14).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Blue Torch Finance LLC
  - Effective: 2024-02-14
  source text: On February 14, 2024, Quantum Corporation (the “Company”) entered into an amendment and waiver (the “Term Loan Amendment and Waiver”) to the Term Loan Credit and Security Agreement, dated as of August 5, 2021
  evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000119312524039984/0001193125-24-039984-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.