CPI Aerostructures amends credit agreement, obtains covenant waivers for losses on welded products and employee costs

CPI AEROSTRUCTURES INC

Maximum leverage ratio for Q3 2022 raised to 5.0:1.0; Q4 2022 onward set at 4.0:1.0.
Lenders waived covenant non-compliance for up to $566,024 in welded product contract losses and $367,045 in inventory reserves.
Lenders waived non-compliance for up to $795,997 in accrued severance, COBRA costs and employer taxes.
Late delivery of FY2021, Q1 2022 and Q2 2022 financial statements waived; extended deadlines through August–October 2022.
Outstanding debt: $21.0M revolving loans, $2.63M term loan plus $250K amendment fee accruing interest.

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