Originally posted by Sojourner:
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I'm not sure why people are saying tomorrow is the day, but 31 May is critical. defer the financial covenants test period from the twelve months to March 31, 2025 to the twelve months to May 31, 2025, and to waive the Review Event under the terms of the ABL Facility due to the downgrade of the Company’s credit ratings up to April 2025. Pursuant to the terms of this waiver agreement, the Company is required to cash collateralize the outstanding bank guarantees issued under the ABL Facility and the committed availability for revolving loans under the ABL Facility can be restricted at the Lenders’ discretion. In addition, pursuant to the terms of this waiver agreement, the Cash Balance Covenant is reduced by any amount held as cash collateral under the ABL Facility"Additionally, there is significant uncertainty in relation to the ongoing availability of the ABL Facility which is dependent on the Company’s ability to obtain further waivers or deferment for the financial covenants test periods beyond May 31, 2025, and the maintenance of the Cash Balance Covenant, or the Company’s ability to amend or replace the ABL Facility on favorable terms or at all."
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"I'm not sure why people are saying tomorrow is the day, but 31 May is critica l.".
(20min delay)