Financial Covenants on Long-Term Borrowings
First written in FY2016. 5 of 16 entries say "Worsened", first in FY2017. Latest entry: FY2021-Q3.
0 other companies' latest entry also says "Achieved".
- FY2021-Q3AchievedAnnual report
「During the third quarter of the current consolidated fiscal year, the Company completed full repayment by 30 September 2021 of ¥10,607 million in long-term borrowings from financial institutions that were subject to financial covenants, based on the balance at 31 August 2021. This resolved the breach of the financial covenants.」
The Company fully repaid ¥10,607 million in long-term borrowings subject to financial covenants, resolving the breach. - FY2021-Q2MitigatedAnnual report
「Regarding the long-term borrowings in breach of the financial covenants, the Company entered into agreements with each financial institution to change the repayment terms and other conditions and provided each financial institution with collateral consisting of part of the funds raised through a public offering of new shares. As a result, the balance of long-term borrowings in breach of the financial covenants, excluding assets pledged as collateral, was ¥4,814 million at the end of the second quarter of the current consolidated fiscal year.」
For borrowings in breach of the financial covenants, the Company entered into agreements with each financial institution to change the repayment terms and provided collateral from the funds raised through the issuance of new shares. The balance of long-term borrowings in breach, excluding collateralized assets, declined to ¥4,814 million. However, discussions regarding a waiver of the right to demand loss of the benefit of the term for repayment and other matters are continuing. - FY2021-Q1MitigatedAnnual report
「The Company reached agreement with each financial institution to change the repayment dates for ¥2,929 million and ¥5,121 million of long-term borrowings outstanding at the end of the first quarter to November and December 2021, respectively.」
Although the breach of the financial covenants and discussions continue, the Company reached agreement with each financial institution to change the repayment dates for ¥2,929 million and ¥5,121 million to November and December 2021, respectively. - FY2020MitigatedAnnual report
「Regarding the long-term borrowings in breach of the financial covenants, the Company confirmed that the financial institutions intended not to exercise their right at the end of March to demand loss of the benefit of the term for repayment. It also reached agreement with each financial institution to temporarily extend the repayment dates for long-term borrowings due for repayment in March 2021.」
Although the breach of the financial covenants continues, the Company confirmed that the financial institutions did not intend to exercise their right to demand loss of the benefit of the term for repayment and agreed to extend the repayment dates for amounts due in March 2021. - FY2020-Q3Updated the balance subject to financial covenantsAnnual report
「At the end of the third quarter of the current consolidated fiscal year, ¥16,300 million of the Company's long-term borrowings, including the portion due for repayment within one year, and ¥20,003 million of convertible bond-type bonds with stock acquisition rights were subject to the following financial covenants and other requirements.」
The amounts subject to financial covenants were ¥16,300 million in long-term borrowings and ¥20,003 million in convertible bond-type bonds with stock acquisition rights. The Company continues to disclose the breach caused by ordinary losses in the previous consolidated fiscal year and other factors, as well as the status of the waiver agreement. - FY2020-Q2MitigatedAnnual report
「The Company is in breach of these financial covenants and other requirements because it continued to record ordinary losses in the previous consolidated fiscal year, among other factors. If the financial covenants and other requirements are applied, the Company will lose the benefit of the term for repayment. To resolve this situation, during the second quarter of the current consolidated fiscal year, the Company entered into amendment agreements with each financial institution regarding borrowings subject to the covenants and other requirements. It obtained agreement from all financial institutions and other parties not to exercise their right to demand loss of the benefit of the term for repayment in connection with the breach at the end of the previous fiscal year, subject to guarantees provided by the 2 Korean subsidiaries, W-SCOPE KOREA CO., LTD. and W-SCOPE CHUNGJU PLANT CO., LTD., revisions to repayment terms and the provision of collateral.」
Although the breach of the financial covenants continues, the Company entered into amendment agreements with each financial institution and obtained agreement from all financial institutions and other parties not to exercise their right to demand loss of the benefit of the term for repayment, subject to subsidiary guarantees, revised repayment terms, the provision of collateral and other measures. - FY2020-Q1Updated the balance subject to financial covenantsAnnual report
「At the end of the first quarter of the current consolidated fiscal year, ¥19,042 million of the Company's long-term borrowings, including the portion due for repayment within one year, and ¥17,393 million of convertible bond-type bonds with stock acquisition rights were subject to the following financial covenants and other requirements.」
The amounts subject to financial covenants were ¥19,042 million in long-term borrowings and ¥17,393 million in convertible bond-type bonds with stock acquisition rights. Although the breach at the end of the previous fiscal year continues, the Company has obtained agreement from all financial institutions and other parties not to exercise their right to demand loss of the benefit of the term for repayment. - FY2019WorsenedAnnual report
「Of the Company's long-term borrowings at the end of the current consolidated fiscal year, ¥20,121 million, including the portion due for repayment within one year, and its convertible bond-type bonds with stock acquisition rights are subject to the following financial covenants. The Company is in breach of these financial covenants and other requirements because it continued to record ordinary losses during the current consolidated fiscal year, among other factors.」
The borrowings subject to financial covenants include ¥20,121 million in long-term borrowings and convertible bond-type bonds with stock acquisition rights. The Company breached the covenants because of continuing ordinary losses. The waiver is conditional on revising repayment terms, providing collateral and other measures. - FY2019-Q3WorsenedAnnual report
「The Company's long-term borrowings are subject to financial covenants, which it breached because it recorded ordinary losses for 2 consecutive periods in the previous consolidated fiscal year, among other factors. If the financial covenants are applied, the Company will lose the benefit of the term for repayment. To resolve this situation, the Company explained the circumstances to each financial institution and obtained agreement from all financial institutions to waive application of the covenants breached at the end of the previous fiscal year.」
The breach of the financial covenants and the risk of losing the benefit of the term for repayment remain, and long-term borrowings subject to the covenants totaled ¥21,100 million at the end of the quarter. The waiver agreement with all financial institutions for the covenants breached at the end of the previous fiscal year remains in place. - FY2019-Q2WorsenedAnnual report
「The Group recorded operating and ordinary losses in the previous consolidated fiscal year. During the cumulative second quarter, it began mass production of new EV-related projects, but continued to record operating and ordinary losses as sample costs for these projects and other projects that have continued since the year before last, as well as operating costs for production-line approval, increased. If the Company records an ordinary loss in the current consolidated fiscal year, it will breach the financial covenants applicable to some long-term borrowings and lose the benefit of the term for repayment.」
Operating and ordinary losses continued even after mass production began for the new EV projects, and the Company disclosed the risk of breaching financial covenants and losing the benefit of the term for repayment if it records an ordinary loss in the current fiscal year. The Company has obtained waiver agreements from all financial institutions for the covenants breached at the end of the previous fiscal year. - FY2019-Q1Updated the balance of borrowings subject to financial covenantsAnnual report
「Of the Company's long-term borrowings, ¥17,569 million, including the portion due for repayment within one year, are subject to the following financial covenants. Of this amount, ¥11,569 million is in breach of the financial covenants because the Company recorded ordinary losses for 2 consecutive periods in the previous consolidated fiscal year, among other factors.」
The balance of long-term borrowings subject to financial covenants was updated to ¥17,569 million, with ¥11,569 million in breach. The waiver agreement with all financial institutions remains in place. - FY2018MaterialisedAnnual report
「Of this amount, ¥11,657 million is in breach of the financial covenants due to the Company having recorded ordinary losses for 2 consecutive periods in the current fiscal year, among other factors.」
Of the ¥14,157 million in borrowings subject to financial covenants, ¥11,657 million actually breached the covenants because of ordinary losses for 2 consecutive periods. At the same time, the Company reached agreement with all financial institutions to waive application of the covenants. - FY2018-Q3MitigatedAnnual report
「The Company has already reached agreement with some financial institutions to waive the covenants, and believes it can secure sufficient support from the other financial institutions as necessary going forward.」
Although the risk of breaching financial covenants and losing the benefit of the term for repayment if an ordinary loss is recorded for the full year remains, the Company states that it has reached agreement with some financial institutions to waive the covenants. - FY2018-Q2WorsenedAnnual report
「The Company recorded an ordinary loss for the cumulative second quarter. If it records an ordinary loss for the fiscal year, it will breach the existing financial covenants applicable to some long-term borrowings and lose the benefit of the term for repayment.」
The Company recorded an ordinary loss of ¥632 million for the cumulative second quarter and disclosed the risk of breaching financial covenants and losing the benefit of the term for repayment if it also records an ordinary loss for the full year. Borrowings subject to financial covenants totaled ¥15,233 million. - FY2017WorsenedAnnual report
「Of the Company's long-term borrowings, ¥10,466 million, including the portion due for repayment within one year, are subject to the following financial covenants.」
Borrowings subject to financial covenants increased from ¥5,533 million in the previous period to ¥10,466 million. The covenants relating to ordinary losses for 2 consecutive periods and maintenance of net assets also remain in place. - FY2016First statedAnnual report
「Of the Company's long-term borrowings, ¥5,533 million, including the portion due for repayment within one year, are subject to the following financial covenants.」
The ¥5,533 million in long-term borrowings is subject to financial covenants, including avoiding ordinary losses for 2 consecutive periods and maintaining net assets above a specified level.