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Westaff Inc. (NASD: WSTF) said it signed a forbearance agreement with U.S. Bank National Association and Wells Fargo Bank over defaults that took place April 19. The forbearance agreement will last through Aug. 26.
"We are actively working with our banks to develop a longer-term agreement and we are confident that we will be able to complete a long-term solution by the expiration of Aug. 26, 2008," said Westaff CEO and Chairman Michael Willis. "I am confident that under this agreement we have the working capital resources we need to deliver on our long-and short-term objectives."