Healthcare equipment finance firm DVI has received a notice of default from the U.S. Bank National Association, the trustee related to the Jamison, PA-based firm's 9 7/8% senior notes due 2004. The trustee has indicated to DVI that the firm has failed to satisfy its obligation under section 703(1) of the indenture to file its quarterly report on Form 10-Q for the period ending March 31.
DVI said it has advised the trustee that it does not believe a default exists, and that it understands the trustee is considering DVI's position. The company also said that if the trustee does not promptly rescind the notice of default, it will either challenge the validity of the notice or seek a waiver or modification representing not less than a majority in principal amount of the outstanding notes, or both.
DVI has 60 days from the notice of default to cure the purported noncompliance, according to the company.
By AuntMinnie.com staff writersJuly 16, 2003
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