Acquisition target Low & Bonar asks for covenant holiday
Low & Bonar has asked its lenders to waive covenant testing on its credit facility, as the UK polymers company battles through a tough trading period and tries to ensure its acquisition by a German rival goes ahead.
Low & Bonar has agreed with its lenders not to test the financial covenants on its debt on November 30 as scheduled, blaming the consequence of its recent trading performance, deterioration in outlook and the company having less flexibility than usual in managing supplier credit terms.The firm ...
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