NEW YORK, June 14 /PRNewswire-FirstCall/ -- BISYS announced today that it
has obtained a consent and waiver from the lenders under its Senior Unsecured
Credit Facility (the "Credit Facility"). The consent and waiver relates to
the default under the Credit Facility that occurred when the Company was
unable to file on a timely basis its Form 10-Q for its third fiscal quarter
ended March 31, 2005, and to deliver the related compliance certificate for
that fiscal quarter. The filing of this quarterly report is being delayed
pending completion of the previously disclosed investigation being conducted
by the Company's Audit Committee.
Under the terms of the consent and waiver, the cure period for the default
with respect to the filing of the aforementioned Form 10-Q and the delivery of
the related compliance certificate has been extended to August 1, 2005. In
addition, the Company has agreed that it will not request additional credit
extensions under the Credit Facility (except for renewals of outstanding
letters of credit) during the extension period.
The Company believes that its operating cash flows and cash on hand will
be sufficient to support its near term working capital and other cash
requirements, and that additional credit under the Credit Facility will not be
necessary through the extension date.
About BISYS
The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that
enable investment firms, insurance companies, and banks to more efficiently
serve their customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides
administration and distribution services for mutual funds, hedge funds,
private equity funds, retirement plans and other investment products. Through
its Insurance Services group, BISYS is the nation's largest independent
wholesale distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term care,
disability, and annuity products. BISYS' Information Services group provides
industry-leading information processing, imaging, and back-office services to
banks, insurance companies and corporate clients. Headquartered in New York,
BISYS generates more than $1 billion in annual revenues worldwide. Additional
information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting The BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'s periodic filings with the Securities and Exchange Commission.
SOURCE BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Daniel Briggs, Vice President, Finance and
Investor Relations of The BISYS Group, Inc., +1-212-907-6134
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