Famous Brands likely to breach debt commitments as lockdown hits
The Wimpy owner is also in talks with its primary banker about adjusting debt maturities
26 May 2020 - 20:55
UPDATED 27 May 2020 - 14:01
Wimpy owner Famous Brands warned it may breach agreed debt commitments with lenders, and is in talks with its primary banker about adjusting its debt maturities, underscoring severe distress in an industry felled by the government’s order to stay at home to curb the Covid-19 pandemic.
Famous Brands, a major player in the industry with household brands such as Mugg & Bean and Steers, recently secured a R300m short-term debt facility as part of measures that include closing dividend taps and scaling back on capital expenditure to meet its financial obligations in the “foreseeable future”...
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