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Exhibit 99.2
AMENDMENT NO. 1 TO
FORBEARANCE AND STANDSTILL AGREEMENT
WHEREAS, the undersigned are parties to a certain Forbearance and
Standstill Agreement dated as of March 16, 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 "April 16, 2001" are hereby changed to "April 30,
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 16th day of April 2001.
PEN HOLDINGS, INC.
BY: /s/ Xxxx X. Xxxxxx
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TITLE: Secretary/Treasury
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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/ Xxxxxx Xxxxxx
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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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