UniTek Global Services, Inc. (UNTK), an outsourced infrastructure services provider, on Thursday said that its subsidiary, DirectSat USA, received a letter from DIRECTV, entailing a 180-day termination notice of a master services agreement it had with DirectSat. The company said the termination would turn effective on November 8, 2013.
UniTek added that DirectSat, upon receipt of the notice, has entered into an agreement with DIRECTV, providing that the 180-day notice of termination shall be automatically withdrawn upon the Company's debt refinancing by July 31, 2013.
However, the refinancing shall have to satisfy certain financial requirements, the continued work on completion of its financial statements and other conditions, said UniTek.
Rocky Romanella, CEO of UniTek, stated that the Company intends to move forward in working with DIRECTV, and its other customers as it continues its efforts to resolve the previously disclosed issues and complete its required public filings. He added, "We are appreciative of DIRECTV's support during this time and their agreement to automatically withdraw the notice once we meet the required conditions."
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