Sharechat Logo

NZFSU talks to bondholders after breaching covenant

Thursday 24th February 2011

Text too small?

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.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility
Tower Limited (NZX: TWR) Update on Tonga Volcanic Eruption and Tsunami Event
21st January 2022 Morning Report
Trade Window Holdings Limited (NZX: TWL) TradeWindow and Mastercard teams up
Genesis Energy Limited (NZX: GNE) FY22 Q2 Performance Report
Seeka Limited (NZX: SEK) Seeka announces dividend of 13 cents per share
20th January 2022 Morning Report
Z Energy Limited (NZX: ZEL) Q3FY33 Operating Data