Risk of Breaching Financial Covenants and Losing the Benefit of Time
First written in FY2022. 2 of 5 entries say "Restated". Latest entry: FY2024.
40 other companies' latest entry also says "Mitigated".
- FY2024MitigatedAnnual report
「Current consolidated fiscal year (31 March 2024): Some borrowings are subject to financial covenants, but the company is not in breach of those covenants.」
The disclosure has changed from the previous year’s status of breaches of financial covenants and agreements with financial institutions to a statement that there were no breaches during the current fiscal year. - FY2023-Q3MitigatedAnnual report
「The company had obtained agreement from the financial institutions not to exercise their right to demand acceleration of repayment in connection with breaches of financial covenants on some borrowings, but resolved the breaches by executing an amendment memorandum dated 30 January 2023, effective 27 December 2022.」
The company states that breaches of financial covenants on some borrowings were resolved by executing an amendment memorandum dated 30 January 2023, effective 27 December 2022. - FY2023-Q2RestatedAnnual report
「The company has obtained agreement not to exercise the right to demand acceleration of repayment in connection with breaches of financial covenants on some borrowings.」
The company has reconfirmed the status in which some borrowings breached financial covenants and the financial institutions agreed not to exercise their right to demand acceleration of repayment. - FY2023-Q1RestatedAnnual report
「The company has obtained agreement not to exercise the right to demand acceleration of repayment in connection with breaches of financial covenants on some borrowings.」
The company has reconfirmed the status in which some borrowings breached financial covenants and the financial institutions agreed not to exercise their right to demand acceleration of repayment. - FY2022MaterialisedAnnual report
「Some borrowings are subject to financial covenants, and the company breached those covenants, but it obtained the financial institutions’ agreement not to exercise their right to demand acceleration of repayment.」
The company states that, although a breach of financial covenants actually occurred on some borrowings, it obtained the financial institutions’ agreement not to exercise their right to demand acceleration of repayment.