Breach of Financial Covenants by JAPEX Montney Ltd.
First written in FY2020. 1 of 6 entries say "Restated". Latest entry: FY2022.
The whole theme swung hardest in 2017: 8 of 54 companies on the "Worse" side.
52 other companies' latest entry also says "Mitigated".
- FY2022MitigatedAnnual report
「For the reimbursement obligation arising from the aforementioned payment by subrogation, the Company received a waiver of the debt in connection with the dissolution and liquidation procedures of its subsidiary and recorded a gain on debt forgiveness of ¥41,796 million.」
The Company recorded a ¥41,796 million gain on debt forgiveness for the reimbursement obligation arising after performance of the guarantee related to JML's breach of financial covenants, following the dissolution and liquidation of the subsidiary. - FY2022-Q3Reclassification to reimbursement obligations after performance of guaranteeAnnual report
「This was mainly due to a decrease in long-term borrowings due within one year, which had been included in other liabilities, as a result of the performance of guarantee obligations relating to borrowings of consolidated subsidiary JML. In addition, the amount of those borrowings paid by the guarantor through subrogation was reclassified to reimbursement obligations.」
The performance of the guarantee related to JML's breach of financial covenants was reflected in the liabilities composition at the quarter-end as a reduction in borrowings and a reclassification to reimbursement obligations. - FY2021MaterialisedAnnual report
「Financial covenants apply to a portion of JML's borrowings from financial institutions, amounting to ¥28,048 million. As JML is in a negative net worth position, it is in breach of the covenants. Because the deferral period for the financial institutions' exercise of rights relating to acceleration of the debt was due to expire at the end of March 2021, the Company's Board of Directors resolved on 10 March 2021 to perform the Company's guarantee obligations for a portion of JML's borrowings from financial institutions. The Company performed those guarantee obligations on 1 April 2021.」
JML's breach of financial covenants continued. Following the expiration of the deferral period, the Company resolved to perform its guarantee obligations and did so on 1 April 2021. In connection with this, it recorded a provision for losses on guarantees of ¥22,811 million. - FY2021-Q3Reduction in relevant borrowingsAnnual report
「Financial covenants apply to a portion of the borrowings of consolidated subsidiary JAPEX Montney Ltd. from financial institutions, amounting to ¥28,671 million. The company is in a negative net worth position and is therefore in breach of the covenants. However, the lending financial institutions have agreed to defer exercising their rights relating to acceleration of the debt until March 2021.」
JAPEX Montney Ltd.'s breach of financial covenants and negative net worth position, as well as the deferral of exercise of rights until March 2021, continued, while the relevant borrowings declined from ¥29,197 million to ¥28,671 million. - FY2021-Q2RestatedAnnual report
「Financial covenants apply to a portion of the borrowings of consolidated subsidiary JAPEX Montney Ltd. from financial institutions, amounting to ¥29,197 million. The company is in a negative net worth position and is therefore in breach of the covenants. However, the lending financial institutions have agreed to defer exercising their rights relating to acceleration of the debt until March 2021.」
JAPEX Montney Ltd.'s breach of financial covenants and negative net worth position continued. The relevant borrowings amounted to ¥29,197 million, and exercise of rights relating to acceleration of the debt was deferred until March 2021. - FY2020First statedAnnual report
「Financial covenants apply to a portion of the borrowings of consolidated subsidiary JAPEX Montney Ltd. from financial institutions, amounting to ¥29,690 million. The company is in a negative net worth position and is therefore in breach of the covenants. However, the lending financial institutions have agreed to defer exercising their rights relating to acceleration of the debt until March 2021.」
JML breached its financial covenants and was in a negative net worth position in relation to borrowings of ¥29,690 million. The financial institutions deferred exercising their rights relating to acceleration of the debt until March 2021.