Breach of Financial Covenants under the Commitment Line
First written in FY2020. 6 of 10 entries say "Restated". Latest entry: FY2024-Q3.
The whole theme swung hardest in 2024: 2 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- FY2024-Q3RestatedAnnual report
「The company had entered into syndicated loan agreements with multiple financial institutions containing certain financial covenants, and its financial position at the end of the previous consolidated fiscal year was in breach of those covenants. However, repayment of the borrowings using the proceeds from the transfer of the Daikanyama assets was completed as of 25 April 2023, resolving the matter. The company has determined that no material uncertainty exists regarding the going concern assumption at present.」
It reconfirms the explanation that the breach of the financial covenants at the end of the previous consolidated fiscal year was resolved on 25 April 2023 through repayment of borrowings using the proceeds from the transfer of the Daikanyama assets. - FY2024-Q2RestatedAnnual report
「The company had entered into syndicated loan agreements with multiple financial institutions containing certain financial covenants, and its financial position at the end of the previous consolidated fiscal year was in breach of those covenants. However, repayment of the borrowings using the proceeds from the transfer of the Daikanyama assets was completed as of 25 April 2023, resolving the matter. The company has determined that no material uncertainty exists regarding the going concern assumption at present.」
It reconfirms that the breach of the financial covenants at the end of the previous consolidated fiscal year was resolved on 25 April 2023 through repayment of borrowings using the proceeds from the transfer of the Daikanyama assets. - FY2024-Q1RestatedAnnual report
「The company had entered into syndicated loan agreements with multiple financial institutions containing certain financial covenants, and its financial position at the end of the previous consolidated fiscal year was in breach of those covenants. However, repayment of the borrowings using the proceeds from the transfer of the Daikanyama assets was completed as of 25 April 2023, resolving the matter.」
It reconfirms that the breach of the financial covenants at the end of the previous fiscal year was resolved on 25 April 2023 through repayment of borrowings using the proceeds from the transfer of the Daikanyama assets. - FY2023MitigatedAnnual report
「At the end of the current consolidated fiscal year, the Group was in breach of the financial covenants under syndicated loan agreements with multiple financial institutions. However, following settlement of the sale proceeds and other amounts under the real estate sale and purchase agreement for the sale of the Daikanyama assets dated 30 March 2023, the Group repaid all borrowings subject to the breach as of 25 April 2023, thereby resolving the breach of the financial covenants.」
The company was in breach of the financial covenants at fiscal year-end, but repaid ¥4,291 million of borrowings using the proceeds from the sale of the Daikanyama assets, resolving the breach on 25 April 2023. - FY2023-Q2RestatedAnnual report
「The Group has entered into syndicated loan agreements with multiple financial institutions. These agreements contain certain financial covenants, and the Group's financial position at the end of the previous consolidated fiscal year was in breach of those covenants. However, the Group has obtained agreement from each financial institution under the agreements not to exercise its rights to accelerate repayment in connection with the breach, and therefore has determined that no material uncertainty exists regarding the going concern assumption.」
It reconfirms the breach of the financial covenants at the end of the previous consolidated fiscal year and the fact that agreement was obtained from the financial institutions not to exercise their rights concerning acceleration of repayment. - FY2023-Q1MaterialisedAnnual report
「The Group has entered into syndicated loan agreements with multiple financial institutions. These agreements contain certain financial covenants, and the Group's financial position at the end of the previous consolidated fiscal year was in breach of those covenants. However, the Group has obtained agreement from each financial institution under the agreements not to exercise its rights to accelerate repayment in connection with the breach, and therefore has determined that no material uncertainty exists regarding the going concern assumption.」
It states that the breach of the financial covenants occurred at the end of the previous consolidated fiscal year under a new syndicated loan agreement. The Group obtained agreement from the financial institutions not to exercise their rights concerning acceleration of repayment. - FY2021MitigatedAnnual report
「As a result, the full ¥1 billion commitment line under the former agreement has been repaid, resolving the breach of the financial covenants.」
The company entered into and drew down new syndicated commitment line and term loan agreements, resolving the breach of the financial covenants under the former agreements. - FY2021-Q2RestatedAnnual report
「The company has entered into commitment line agreements with multiple financial institutions. These agreements contain certain financial covenants, and the company's financial position at the end of the previous fiscal year was in breach of those covenants. However, in addition to obtaining agreement from each financial institution not to exercise its rights concerning the loss of the benefit of time, the company obtained new working capital financing from its principal financial institutions during the cumulative second quarter.」
It was stated that the breach of the financial covenants at the end of the previous consolidated fiscal year was continuing, but that, in addition to an agreement by the lenders not to exercise their rights concerning acceleration of repayment, new working capital financing had been obtained from major financial institutions. - FY2021-Q1RestatedAnnual report
「The company has entered into commitment line agreements with multiple financial institutions. These agreements contain certain financial covenants, and the company's financial position at the end of the previous fiscal year was in breach of those covenants. However, the company has obtained agreement from each financial institution not to exercise its rights concerning the loss of the benefit of time, and therefore has determined that there is no material uncertainty regarding the going concern assumption.」
The company reaffirmed the breach of financial covenants at the end of the previous fiscal year and the fact that it had obtained agreement from the financial institutions not to exercise their rights concerning the loss of the benefit of time. It stated that it would work to promptly improve financial soundness, raise new funds and secure liquidity on hand. - FY2020MaterialisedAnnual report
「At the end of the fiscal year, the group was in breach of the financial covenants under its commitment line agreements with financial institutions. Accordingly, the group recognizes that events or circumstances existed during the fiscal year that could raise significant doubt about the going concern assumption. However, the group has obtained agreement from each financial institution under the commitment line agreements not to exercise its rights concerning the loss of the benefit of time, and therefore has determined that there is no material uncertainty regarding the going concern assumption.」
The disclosure states that the breach of the financial covenants had actually occurred at the fiscal year-end. The company obtained agreement from the financial institutions not to exercise their rights concerning the loss of the benefit of time, and determined that there was no material uncertainty regarding the going concern assumption.