Chichikaka’s Breach of Financial Covenants and Risk of Loss of the Benefit of Time
First written in FY2023-Q1. 4 of 12 entries say "Mitigated", first in FY2025-H1. Latest entry: FY2026.
39 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「There were no applicable matters for the current consolidated fiscal year (from 1 March 2025 to 28 February 2026).」
The breach of チチカカ's financial covenants and the financial institutions' agreement not to exercise their rights, which were disclosed for the previous consolidated fiscal year, are no longer applicable in the financial covenant section for the current consolidated fiscal year. - 2026-04-17MitigatedRevision of earnings forecastsSuggests it is closing out
「Chichikaka Co., Ltd. fully repaid on 27 February 2026 the borrowings from financial institutions, namely the borrowings under a syndicated loan agreement with 3 relationship banks.」
Chichikaka's borrowings subject to financial covenants were fully repaid, resolving the covenants. - FY2026-H1MitigatedAnnual report
「株式会社チチカカ, the Company's consolidated subsidiary, was in breach of item ① during the current interim consolidated accounting period. However, the lending financial institutions agreed not to exercise their rights relating to acceleration of the loan.」
The breach of the financial covenants and the financial institutions' agreement not to exercise their rights continue, but borrowings subject to the covenants decreased from ¥125,565 thousand to ¥117,885 thousand. The current disclosure identifies only a breach of covenant ① requiring the maintenance of net assets. - FY2025Lower borrowings subject to covenants, breach continuesAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, amounting to ¥125,565 thousand.」
Borrowings subject to the financial covenants decreased from ¥139,521 thousand in the previous fiscal year to ¥125,565 thousand, while breaches of both the net asset maintenance and ordinary profit or loss covenants continue, as does the financial institutions' agreement not to exercise their rights relating to acceleration of the loan. - FY2025-H1MitigatedAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, consisting of borrowings outstanding of ¥139,521 thousand at the end of the previous consolidated fiscal year and ¥132,543 thousand at the end of the current interim consolidated accounting period. The agreement contains the following financial covenants: ① The amount of net assets on the standalone balance sheet must be maintained at or above the amount of net assets as of the end of the interim period in April 2019. ② No loss may be recorded in ordinary profit or loss on the standalone income statement. 株式会社チチカカ, the Company's consolidated subsidiary, was in breach of item ① during the current interim consolidated accounting period. However, the lending financial institutions agreed not to exercise their rights relating to acceleration of the loan.」
Borrowings subject to the financial covenants decreased from ¥139,521 thousand to ¥132,543 thousand. The breach was described as a breach of covenant ① requiring the maintenance of net assets, and the financial institutions' agreement not to exercise their rights remains in place. - FY2025-Q1Lower borrowings subject to covenants, breach continuesAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, consisting of borrowings outstanding of ¥139,521 thousand at the end of the previous consolidated fiscal year and ¥136,032 thousand at the end of the current quarter. The agreement contains the following financial covenants.」
Borrowings subject to the financial covenants decreased from ¥139,521 thousand to ¥136,032 thousand. Meanwhile, the breaches of the net asset maintenance and ordinary profit or loss covenants continue, as does the agreement by the financial institutions not to exercise their rights relating to acceleration of the loan. - FY2024Lower borrowings subject to covenants, breach continuesAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, amounting to ¥139,521 thousand.」
Borrowings subject to the financial covenants decreased from ¥147,900 thousand in the previous consolidated fiscal year to ¥139,521 thousand. Meanwhile, the breaches of the net asset maintenance and ordinary profit or loss covenants continue, as does the agreement by the financial institutions not to exercise their rights relating to acceleration of the loan. - FY2024-Q3RestatedAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, consisting of borrowings outstanding of ¥147,900 thousand at the end of the previous consolidated fiscal year and ¥146,220 thousand at the end of the current quarter. The agreement contains the following financial covenants: ① The amount of net assets on the standalone balance sheet must be maintained at or above the amount of net assets as of the end of the interim period in April 2019. ② No loss may be recorded in ordinary profit or loss on the standalone income statement. 株式会社チチカカ, the Company's consolidated subsidiary, was in breach of these covenants during the current third quarter consolidated accounting period and cumulative third quarter. However, the lending financial institutions agreed not to exercise their rights relating to acceleration of the loan.」
The breach of the financial covenants and the agreement by the financial institutions not to exercise their rights relating to acceleration of the loan continue. Borrowings subject to the covenants decreased from ¥147,900 thousand at the end of the previous consolidated fiscal year to ¥146,220 thousand. - FY2024-Q2Lower borrowings subject to covenants, breach continuesAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, consisting of borrowings outstanding of ¥147,900 thousand at the end of the previous consolidated fiscal year and ¥146,220 thousand at the end of the current quarter. The agreement contains the following financial covenants.」
Borrowings subject to the financial covenants decreased from ¥147,900 thousand to ¥146,220 thousand. Meanwhile, the breaches of the net asset maintenance and ordinary profit or loss covenants continue, as does the agreement by the financial institutions not to exercise their rights relating to acceleration of the loan. - FY2024-Q1RestatedAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, consisting of borrowings outstanding of ¥147,900 thousand at the end of the previous consolidated fiscal year and ¥147,900 thousand at the end of the current quarter. The agreement contains the following financial covenants: ① The amount of net assets on the standalone balance sheet must be maintained at or above the amount of net assets as of the end of the interim period in April 2019. ② No loss may be recorded in ordinary profit or loss on the standalone income statement. 株式会社チチカカ, the Company's consolidated subsidiary, was in breach of these covenants during the current first quarter consolidated accounting period and cumulative first quarter. However, the lending financial institutions agreed not to exercise their rights relating to acceleration of the loan.」
The borrowings subject to the financial covenants remained at ¥147,900 thousand, unchanged from the end of the previous consolidated fiscal year, and チチカカ's breaches also continue. Meanwhile, the agreement by the financial institutions not to exercise their rights relating to acceleration of the loan remains in place. - FY2023-Q2Lower borrowings, breach continuesAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, amounting to ¥147,900 thousand.」
The borrowings subject to the financial covenants were stated as ¥147,900 thousand, down from ¥164,670 thousand previously. Meanwhile, the breaches of the net asset maintenance and ordinary profit or loss covenants continue, and the financial institutions have agreed not to exercise their rights relating to acceleration of the loan. - FY2023-Q1First statedAnnual report
「The Company has entered into a syndicated loan agreement with 3 relationship banks regarding a portion of the borrowings of its consolidated subsidiary, 株式会社チチカカ, from financial institutions, amounting to ¥164,670 thousand. The agreement contains the following financial covenants: ① maintaining the amount of net assets on the standalone balance sheet at or above the amount of net assets as of the end of the interim period in April 2019; and ② not recording a loss in ordinary profit or loss on the standalone income statement. 株式会社チチカカ, the Company's consolidated subsidiary, was in breach of these covenants during the current first quarter consolidated accounting period and cumulative first quarter. However, the lending financial institutions agreed not to exercise their rights relating to acceleration of the loan.」
A breach has occurred of the financial covenants attached to チチカカ's ¥164,670 thousand in borrowings, requiring the maintenance of net assets and ordinary profit or loss. However, the financial institutions agreed not to exercise their rights relating to acceleration of the loan.