Trellidor buys time to honour debt covenants
Group avoids possible rights issue or having to sell assets after FNB, its main lender, condones covenant breaches for FY2023 and keeps the existing financial terms in place
The board of fixed-security specialist Trellidor has been granted a lifeline after its main lender condoned covenant breaches for the 2023 financial year, quashing any motive for a potential rights issue or the sale of some of its businesses.
A combination of rising debt in the year to the end of June coupled with declining ebitda (earnings before interest, tax, depreciation & amortisation) led to the group breaching two covenants...
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