Thursday 24th February 2011
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NZ Farming Systems Uruguay (NZFSU) has requested an urgent meeting with holders of US$30 million ($NZ40 million) of bonds in Uruguay after breaching a covenant on the bonds.
Under the covenant it had to provide a copy of its business plan to all bondholders through a fiduciary by February 18.
The business plan was provided to most bondholders but was not provided to the fiduciary by this date. The breach was unintentional but it constitutes an event of default under the terms of the bond issue and gives bondholders the option to request redemption of their bonds.
The company is seeking a waiver of the breach with the fiduciary and has requested an urgent meeting of bondholders which is expected to be held within days. It does not anticipate any adverse reaction from bondholders.
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