Silver Fern breaches bank covenant on currency hedges

The meat processor said the breach reflects the "recent rapid decline" in the New Zealand dollar against the U.S. dollar.

The covenant in breach relates to minimum levels of shareholder funds.

Silver Fern said it has requested a waiver from its banks and the banks are considering revising the covenant "to accommodate such volatility." The breach doesn't apply to the company's exchange traded bonds.

By Jonathan Underhill

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