BREACH OF COVENANTS
CIG to meet bondholders in February after breaching banking covenants
13 December 2017 - 06:38
Consolidated Infrastructure Group (CIG) plans to hold a bondholders meeting in February 2018 following a breach to its banking covenants. The troubled construction company recently breached its banking covenants after a disastrous financial year, posting a loss of R150m versus 2016’s R393m profit. CEO Raoul Gamsu blamed project delays in the company’s power-generation division, Conco, tendering at unrealistic margins and poor commercial management for the company’s full-year loss.
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