Tourism Holdings resolves banking covenants issue
Tourism Holdings says it has resolved a banking covenants breach issue with its banks.
Hot Topic
EARNINGS
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Tourism Holdings says it has resolved a banking covenants breach issue with its banks.
It had received confirmation that Westpac and ANZ had revised covenants based on updated forecasts it provided, Tourism Holdings said today.
That followed discussions held with the banks since the company announced the issue early this month.
A more detailed update and outlook for the company would be provided with the half year result announcement tomorrow.
Previously, the company said it was forecasting it would not be in compliance with banking covenants for the March quarter.
That was because of the size of a profit downturn after a severe and sudden drop in forward bookings during the key January booking month created uncertainty for the remainder of the financial year.
NZPA
Wed, 23 Feb 2011
Wed, 23 Feb 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Tourism Holdings resolves banking covenants issue
12571