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Exhibit 99.2
AMENDMENT NO. 2 TO
FORBEARANCE AND STANDSTILL AGREEMENT
WHEREAS, the undersigned are parties to a certain Forbearance and
Standstill Agreement dated as of March 16, 2001 and amended as of April 16 and
30, 2001 (the "Forbearance Agreement";
WHEREAS, the parties desire to extend the Forbearance Period as defined
therein;
NOW THEREFORE, the undersigned hereby agree that all references in the
Forbearance Agreement to "May 8, 2001" are hereby changed to "May 21, 2001", and
all references therein to the Bank Forbearance Agreement shall be deemed
references to the Bank Forbearance Agreement as amended to and including the
date hereof.
IN WITNESS WHEREOF, the parties, by their duly authorized officers,
have executed and delivered this Amendment as of the 8th day of May 2001.
PEN HOLDINGS, INC.
By: /s/ Xxxx X. Xxxxxx
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Title: Secretary/Treasurer
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MELLON BANK, N.A., as Agent
By: /s/ Xxxx Xxxxxx Xxxxxx
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Title: Vice President
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CIBC INC.
By: /s/ E. G. Ramsay
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Title: Executive Director
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AMSOUTH BANK
By: /s/ Xxx Xxxxxxxx
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Title: Commercial Banking Officer
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TRAVELERS CASUALTY AND SURETY
COMPANY OF AMERICA
By: /s/ Xxxx Xxxxxxxxx
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Title: Vice President, Bond Claims
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