Just to add to this, last time, the lenders and CRN to extend the waiver:
"At 31 March 2025, the Company had total liquidity of $325 Million, comprising $229 Million in cash and $96 Million available on the ABL Facility. The ABL Facility covenant testing requirements were waived by the lenders up to 30 March 2025, as reported in our FY24 Form 10-K. On 30 March 2025, the ABL lenders agreed to defer the financial covenants test period to 30 April 2025 and the ABL Facility remained available during this period."
The waiver was last going to end on 30 March 2025, and the extended it on the 30 March 2025.
I guess they have form on waiting to the last minute. Either they secure additional funding at the last minute (by Saturday/Monday), or the lenders grant another extension... or they just call in the debt.
CRN Price at posting:
12.5¢ Sentiment: None Disclosure: Held
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