HMV set to break covenants as Christmas sales disappoint

HMV, the troubled UK entertainment store chain, warned lenders that it expects to breach debt covenants on its £220m debt as disappointing Christmas trading and competition from internet retailers continue to impact on profits.

  • 13 Dec 2012
The company said that it was unlikely to pass covenant tests due in January and April 2013, which include a requirement to ensure its £60m working capital facility is below £50m for a period of 31 consecutive days during the year. HMV passed covenant tests in July and ...

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