Breach of Financial Covenants
First written in FY2017. 8 of 16 entries say "Restated". Latest entry: FY2027-H1.
22 other companies' latest entry also says "Other".
- FY2027-H1Lilycolor Co.,Ltd. takes on borrowing subject to financial covenantsAnnual report
「From the date of execution of this agreement, Lilycolor Co.,Ltd. shall not report a loss in ordinary profit or loss in its income statement for the end of each fiscal year.」
Lilycolor Co.,Ltd. entered into a borrowing agreement with principal of ¥2,000 million, subject to financial covenants requiring the maintenance of net assets and prohibiting a loss in ordinary profit or loss. The Group has disclosed a new borrowing facility subject to financial covenants. - FY2023-Q3MitigatedAnnual report
「The above syndicated loans were in breach of financial covenants at the end of the second quarter of the current consolidated fiscal year. However, the Group has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time.」
Although the breach of the financial covenants continues, it has been reconfirmed that the company has obtained consent from the financial institutions not to exercise their right to demand the loss of the benefit of time. The company also indicated that it expects to return to ordinary profitability and reduce its debt. - FY2023-Q2SoftenedAnnual report
「The above syndicated loans were in breach of financial covenants at the end of the second quarter of the current consolidated fiscal year. However, the Group expects to receive waivers from its financial institutions of their right to demand the loss of the benefit of time.」
The breach of the financial covenants continued as of the end of the second quarter. While consent has been obtained for some of the agreements through the previous period, the syndicated loan that was in breach as of the end of the current quarter is described as being expected to receive a waiver of the lenders’ right to demand the loss of the benefit of time. - FY2023-Q1RestatedAnnual report
「At the end of the consolidated fiscal year ending February 2022, the Group breached the financial covenants attached to some syndicated loans and loan agreements. However, it has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time.」
Although breaches of the financial covenants attached to multiple syndicated loans and loan agreements are continuing, the Group is reconfirming that it has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time. - FY2022SoftenedAnnual report
「The above syndicated loans were in breach of financial covenants at the end of the consolidated fiscal year ending February 2022. However, the Group expects to receive waivers from its financial institutions of their right to demand the loss of the benefit of time.」
The breach of the financial covenants is continuing. In contrast to the statement in the previous quarterly report that consent had been obtained, this annual report states that the Group expects to receive a waiver of the right to demand the loss of the benefit of time. - FY2022-Q3RestatedAnnual report
「The above syndicated loans were in breach of financial covenants at the end of the second quarter of the current consolidated fiscal year. However, the Group has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time.」
Although the breach of the financial covenants attached to some syndicated loans is continuing, the Group is reconfirming that it has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time. - FY2022-Q1RestatedAnnual report
「The Group recorded an ordinary loss of ¥979 million in the cumulative first quarter of the current consolidated fiscal year due to the spread of COVID-19, and events or circumstances exist that raise substantial doubt about the Group's ability to continue as a going concern. The Group breached the financial covenants attached to some syndicated loans at the end of the consolidated fiscal year ending February 2021, but has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time.」
Although the ordinary loss and breach of the financial covenants are continuing, the Group is reconfirming that it has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time. - FY2021RestatedAnnual report
「Because the Group breached the financial covenants attached to some syndicated loans at the end of the current consolidated fiscal year, events or circumstances exist that raise substantial doubt about the Group's ability to continue as a going concern. However, the Group expects to receive waivers from its financial institutions of their right to demand the loss of the benefit of time.」
Although the breach of the financial covenants attached to some syndicated loans continued at the fiscal year-end, the Group stated that it expects its financial institutions to waive their right to demand the loss of the benefit of time. - FY2021-Q3MitigatedAnnual report
「The Group recorded an ordinary loss of ¥2,114 million in the cumulative third quarter of the current consolidated fiscal year due to the spread of COVID-19, and events or circumstances exist that raise substantial doubt about the Group's ability to continue as a going concern. The Group breached the financial covenants attached to some syndicated loans at the end of the second quarter of the fiscal year ending February 2021, but has obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time.」
The breach of the financial covenants is continuing, but the Group's response to the risk of repayment in full has progressed because it obtained consent from its financial institutions that they will not exercise their right to demand the loss of the benefit of time. - FY2021-Q2MaterialisedAnnual report
「The Group recorded an ordinary loss of ¥2,119 million in the cumulative second quarter of the current consolidated fiscal year due to the spread of COVID-19 and is in breach of the financial covenants attached to some syndicated loans.」
The recording of an ordinary loss resulted in an actual breach of the financial covenants attached to some syndicated loans related to acquisition financing and other matters. The Group expects to receive waivers from its principal financial institutions of their right to demand the loss of the benefit of time. - FY2021-Q1RestatedAnnual report
「If the Group breaches the financial covenants, it may lose the benefit of time with respect to all contractual obligations based on a demand from the majority lenders.」
The Group is reconfirming the financial covenants and the risk of losing the benefit of time following a breach in connection with the syndicated loan for refinancing the funds used to acquire 日本リージャス社. - FY2020WorsenedAnnual report
「If the Group breaches the financial covenants, it may lose the benefit of time with respect to all contractual obligations based on a demand from the majority lenders.」
Specific financial covenants were disclosed for a ¥25,000 million syndicated loan related to the refinancing of funds used to acquire 日本リージャス社, including a net leverage ratio, net assets, an equity ratio of at least 30% and positive ordinary income. - FY2020-Q3RestatedAnnual report
「Some of the Group's interest-bearing debt is subject to financial covenants and other conditions, which the Group must comply with in conducting its business.」
Assuming an increase in interest-bearing debt, the Group is reconfirming the need to comply with financial covenants and the risk of being required to repay debt in full following a breach. - FY2020-Q2RestatedAnnual report
「Some of the Group's interest-bearing debt is subject to financial covenants and other conditions, which the Group must comply with in conducting its business.」
Assuming an increase in interest-bearing debt, the Group is reconfirming the need to comply with financial covenants and the risk of being required to repay debt in full following a breach. - FY2018RestatedAnnual report
「Some of the Group's interest-bearing debt is subject to financial covenants and other conditions. If the Group breaches these covenants and is required to repay the relevant interest-bearing debt in full, its cash flow may deteriorate.」
The risk of being required to repay debt in full following a breach of financial covenants is being reconfirmed. - FY2017First statedAnnual report
「Some of the Group's interest-bearing debt is subject to financial covenants and other conditions, which the Group must comply with in conducting its business.」
The covenants include maintaining net assets, ordinary income and the ratio of operating income before depreciation and amortization of interest-bearing debt.