Discussions with financial institutions and management of borrowing agreements in response to financial-covenant breaches
First written in FY2020-Q2. 4 of 9 entries say "Advanced", first in FY2020. Latest entry: FY2026.
The whole theme swung hardest in 2017: 8 of 59 companies on the "Worse" side.
4 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「Although there were proceeds of ¥1,000 million from borrowings and other items, expenditures included ¥8,430 million in repayment of borrowings and ¥1,140 million in dividend payments, resulting in total cash outflows from financing activities of ¥8,699 million.」
Against the backdrop of ¥10,084 million in operating cash flow, the company repaid ¥8,430 million in borrowings and reduced interest-bearing debt. - FY2026-H1AdvancedAnnual report
「After spending ¥3,960 million on repayment of borrowings and other items, cash flows from financing activities resulted in an outflow of ¥4,552 million.」
The company spent ¥3,960 million on repayment of borrowings and other items, and short-term and long-term borrowings at the end of the interim period declined from the end of the previous fiscal year. Funding management related to the financial-covenant response has progressed to the repayment stage. - FY2023Renewal and restructuring of borrowing agreementsAnnual report
「The company has entered into a syndicated loan agreement with financial institutions containing financial covenants, with the company as borrower.」
In the fiscal year ended March 2023, the company renewed and entered into multiple borrowing agreements and disclosed a funding structure including ¥44,587 million in long-term borrowings outstanding and ¥5,450 million in commitment lines. - FY2022-Q3RestatedAnnual report
「In terms of funding, the company obtained the financial institutions' consent in June 2021 to waive the rights they acquired under the contracts against the company as borrower upon the occurrence of an event giving rise to a loss of the benefit of time. In addition to the recovery in business performance, proceeds from the sale of cross-held shares and idle real estate have enabled the company to secure cash and deposits substantially exceeding borrowings subject to financial covenants.」
The company reconfirmed the financial institutions' waivers and the securing of cash and deposits through proceeds from the sale of cross-held shares, idle real estate and other assets. - FY2022-Q1AdvancedAnnual report
「In terms of funding, the company obtained the financial institutions' consent in June 2021 to waive the rights they acquired under the contracts against the company as borrower upon the occurrence of an event giving rise to a loss of the benefit of time. In addition to the recovery in business performance, proceeds from the sale of cross-held shares and idle real estate have enabled the company to secure cash and deposits substantially exceeding borrowings subject to financial covenants.」
In addition to obtaining the financial institutions' consent to the waivers in June 2021, the company secured cash and deposits exceeding borrowings subject to financial covenants through proceeds from asset sales and other sources. - FY2021-Q3RestatedAnnual report
「The company obtained the financial institutions' consent to waive, through the end of March 2021, the rights they acquired under the contracts against the company as borrower upon the occurrence of an event giving rise to a loss of the benefit of time. As it maintains close relationships and continues constructive discussions with its principal banks, it expects to receive continued support from them from April 2021 onward.」
The company reconfirmed the waivers by the financial institutions and the continuation of discussions with its principal banks. No new contract or completion of the resolution of the breaches was indicated. - FY2021-Q1RestatedAnnual report
「The company obtained the financial institutions' consent to waive, through the end of March 2021, the rights they acquired under the contracts against the company as borrower upon the occurrence of an event giving rise to a loss of the benefit of time. It also planned to have sufficient funds after the end of March 2021 and therefore determined that no material uncertainty related to the going concern assumption existed.」
The company reconfirmed the financial institutions' waivers and its funding plan after the end of March 2021 as measures to address the financial-covenant breaches. - FY2020AdvancedAnnual report
「Borrowings outstanding at the end of the current fiscal year: ¥11,000 million」
In response to the financial-covenant breaches, the company obtained waivers from the financial institutions and established, in March 2020, an ¥11,000 million syndicated loan, revolving credit facilities including borrowing capacity of ¥6,522 million, and commitment lines. - FY2020-Q2First statedAnnual report
「Following discussions with the lending financial institutions, the company obtained their agreement not to exercise rights relating to the loss of the benefit of time arising from financial-covenant breaches. It also continues close communication with them regarding existing borrowing agreements that may become subject to financial covenants and new borrowings.」
In response to the financial-covenant breaches, the company obtained agreement from the financial institutions not to exercise rights relating to the loss of the benefit of time and continues discussions regarding existing and new borrowings.