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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