Commitment Lines Subject to Financial Covenants
First written in FY2017-Q1. 11 of 24 entries say "Restated". Latest entry: FY2026.
- FY2026RestatedAnnual report
「The company was in breach of the above financial covenants at the end of the current consolidated fiscal year. However, because it maintains close relationships with its principal lending banks and continues constructive discussions with them, it believes that continued support will be available from those banks.」
The disclosure continues to describe the breach of the financial covenants, discussions with the principal lending banks, and the expectation of continued support. - 2026-06-04MaterialisedGeneral Meetings of Shareholders
「The company was in breach of the above financial covenants at the end of the current consolidated fiscal year. However, because it maintains close relationships with its principal lending banks and continues constructive discussions with them, it believes that continued support will be available from those banks.」
The company disclosed that it was also in breach of its financial covenants at the end of the current consolidated fiscal year, while noting the continuation of discussions with its principal lending banks and the expected continuation of their support. - FY2025MaterialisedAnnual report
「The company was in breach of the above financial covenants at the end of the current consolidated fiscal year. However, because it maintains close relationships with its principal lending banks and continues constructive discussions with them, it believes that continued support will be available from those banks.」
The disclosure states that the financial covenants, which were said not to have been breached at the end of the previous fiscal year, were breached again at the end of the current fiscal year. It also describes discussions with the principal lending banks and the expectation of continued support. - FY2024MitigatedAnnual report
「Because the Company primarily finances store construction costs and opening costs such as lease deposits and guarantee deposits through borrowings from financial institutions, interest-bearing debt, comprising borrowings, lease obligations and other interest-bearing liabilities, accounted for 39.6% of total assets as of 31 March 2024. ... The Company was not in breach of the above financial covenants at the end of the fiscal year.」
Dependence on interest-bearing debt declined to 39.6%, and the disclosure states that there was no breach of the financial covenants at the end of the fiscal year. - FY2024-Q3RestatedAnnual report
「However, at the end of the previous consolidated fiscal year, the Company was also in breach of the financial covenants under the term loan agreement in the intercreditor agreement entered into with its lending financial institutions on 20 April 2021, as well as the restrictions on the exercise by holders of Class C preferred shares of their put rights for cash under the share investment agreement,」
Although operating profit and ordinary profit returned to the black, the disclosure continues to describe the breach of the financial covenants under the term loan agreement and the restrictions on the exercise of the acquisition rights by Class C preferred shareholders. - FY2023WorsenedAnnual report
「The Company was in breach of the above financial covenants at the end of the fiscal year. However, as a result of maintaining close relations and holding constructive discussions with its principal lending banks, it has obtained their consent as of the filing date to provide continued support.」
At the end of the fiscal year ending March 2023, an actual breach occurred of the financial covenants concerning maintenance of net assets, consolidated ordinary profit or loss, and the leverage ratio. As of the filing date, however, the Company had obtained the principal lending banks' consent to continued support. - FY2023-Q2RestatedAnnual report
「In connection with the completion of the business rehabilitation ADR proceedings, financial covenants have been established under the intercreditor agreement with 7 lending financial institutions.」
The disclosure continues to state that the intercreditor agreement with 7 lenders following completion of the business rehabilitation ADR proceedings contains financial covenants. - FY2022-Q1ReframedAnnual report
「Except for the covenants stipulated in the banking transaction agreements with the respective financial institutions or equivalent agreements, the covenants under the original agreements have been changed to those stipulated in the business rehabilitation plan.」
The covenants under the original agreements, including the financial covenants, were changed to the terms set out in the business rehabilitation plan, establishing an agreement period through the end of June 2026, a repayment plan, and new conditions concerning net assets, earnings and leverage. - FY2021WorsenedAnnual report
「Because the Company primarily finances store construction costs and opening costs such as lease deposits and guarantee deposits through borrowings from financial institutions, interest-bearing debt, comprising borrowings, lease obligations and other interest-bearing liabilities, accounted for 86.8% of total assets as of 31 March 2021, a high level. Accordingly, if interest rates rise while the Company's dependence on interest-bearing debt remains high, this may adversely affect the Company's and the Group's operating results and financial condition.」
Dependence on interest-bearing debt increased to 86.8%, and the breach of the financial covenants continues. Although an agreement amending the repayment terms was entered into on 16 April, the risk itself remains. - FY2021-Q3WorsenedAnnual report
「Subsequently, at the first creditors' meeting held on 24 December 2020, the Company explained the outline of the proposed business rehabilitation plan to all lending financial institutions, obtained their consent and ratification of the notice of the above standstill, and received approval to extend the standstill period until the conclusion of the creditors' meeting scheduled for 20 April 2021 to vote on the proposed business rehabilitation plan.」
Following the breach of the financial covenants, the repayment grace period and standstill were extended under the business rehabilitation ADR proceedings until the conclusion of the creditors' meeting scheduled for 20 April 2021. - FY2021-Q2WorsenedAnnual report
「The lending financial institutions had granted a grace period until 30 October 2020 for repayment arising from the breach of the financial covenants. However, in September 2020, the Company requested a grace period for repayment of loan principal, and the grace period was extended again until 30 December 2020. A decision on continued borrowing, including refinancing, will be made based on a new business plan to be submitted by that date.」
While the breach of the financial covenants continues, the grace period for repayment of principal has been extended again until 30 December 2020, and continued borrowing is left to a decision based on a new business plan. - FY2021-Q1RestatedAnnual report
「The Company breached the financial covenants under its syndicated term loan agreements and other agreements with its lending financial institutions at the end of the previous consolidated fiscal year. In view of the prevailing circumstances, the lending financial institutions have granted a grace period until 30 October 2020 for repayment arising from the breach of the financial covenants. A decision on continued borrowing, including refinancing, will be made based on a new business plan to be submitted by that date.」
The disclosure continues to describe the breach of the financial covenants, the repayment grace period until 30 October 2020, and the situation in which continued borrowing depends on a new business plan. - FY2020MaterialisedAnnual report
「The Group incurred a consolidated operating loss of ¥479 million and a consolidated ordinary loss of ¥522 million for the fiscal year, resulting in an actual breach of the financial covenants described above. In view of the prevailing circumstances, the lending financial institutions have granted a grace period for repayment until 30 October 2020.」
A projected breach became an actual breach of the financial covenants due to operating loss and ordinary loss for the fiscal year ending March 2020, and the Group is now receiving a repayment grace period. - FY2019MitigatedAnnual report
「The Group recorded an ordinary loss of ¥812 million for the fiscal year due to declining revenue and an increase in the personnel expense ratio resulting from higher hourly wage rates and other factors, and recorded a net loss attributable to owners of the parent of ¥2,841 million due to the recognition of substantial impairment losses. As a result, it was expected to breach, at the end of the fiscal year, the financial covenants under its syndicated term loan agreements and other agreements with its lending financial institutions. However, as stated in “4. Material Contracts Relating to Management (1) Syndicated Loan Agreement,” the Company entered into an amendment agreement dated 29 March 2019, eliminating the expected breach of the financial covenants at the end of the fiscal year.」
An expected breach of the financial covenants arose due to ordinary loss and net loss, but the amendment agreement dated 29 March 2019 eliminated the expected breach at the end of the fiscal year. Following the amendment, conditions were established concerning net assets, earnings and the leverage ratio for the fiscal year ending March 2020. - FY2019-Q3WorsenedAnnual report
「During the first 9 months of the current consolidated fiscal year, the Group recorded an ordinary loss due to declining revenue and an increase in the personnel expense ratio resulting from higher hourly wage rates and other factors. As stated in the notice titled “Recording of Extraordinary Losses, Revision of Earnings Forecasts and Revision of Dividend Forecasts” announced on 6 February 2019, the Group expected to record an ordinary loss for the fiscal year. As a result, it was expected to be in breach, at the end of the fiscal year, of the financial covenants under its syndicated term loan agreements and other agreements with its lending financial institutions.」
In addition to the existing financial covenants on the commitment line, the disclosure states that the expected ordinary loss was expected to result in a breach of the financial covenants under the term loan agreements and other agreements. - FY2019-Q1RestatedAnnual report
「The commitment line agreement also contains financial covenants.」
The commitment line limit with 6 lending financial institutions is ¥1,000 million, with no borrowings drawn and ¥1,000 million undrawn. The facility continues to be subject to financial covenants. - FY2018RestatedAnnual report
「Because the Company primarily finances store construction costs and opening costs such as lease deposits and guarantee deposits through borrowings from financial institutions, interest-bearing debt accounted for 44.0% of total assets as of 31 March 2018, a high level.」
The disclosure identifies the 44.0% dependence on interest-bearing debt and the risk of rising interest rates, while the financial covenants on the commitment line and borrowings remain in place. - FY2018-Q3RestatedAnnual report
「The commitment line agreement also contains financial covenants.」
The commitment line limit is ¥1,000 million, with no borrowings drawn and ¥1,000 million undrawn. The facility continues to be subject to financial covenants. - FY2018-Q2RestatedAnnual report
「The commitment line agreement also contains financial covenants.」
The commitment line limit is ¥1,000 million, with no borrowings drawn and ¥1,000 million undrawn. The facility continues to be subject to financial covenants. - FY2018-Q1RestatedAnnual report
「The commitment line agreement also contains financial covenants.」
The commitment line limit is ¥1,000 million, with no borrowings drawn and ¥1,000 million undrawn. The facility continues to be subject to financial covenants. - FY2017WorsenedAnnual report
「Because the Company primarily finances store construction costs and opening costs such as lease deposits and guarantee deposits through borrowings from financial institutions, interest-bearing debt, comprising borrowings, lease obligations and other interest-bearing liabilities, accounted for 44.7% of total assets as of 31 March 2017, a high level. Accordingly, if interest rates rise while the Company's dependence on interest-bearing debt remains high, this may adversely affect the Company's and the Group's operating results and financial condition.」
In addition to the commitment line's financial covenants, the disclosure identifies the 44.7% dependence on interest-bearing debt as high and specifies the potential impact of rising interest rates. - FY2017-Q3RestatedAnnual report
「The commitment line agreement also contains financial covenants.」
The commitment line limit is ¥1,000 million, with no borrowings drawn and ¥1,000 million undrawn. The facility continues to be subject to financial covenants. - FY2017-Q2RestatedAnnual report
「The commitment line agreement also contains financial covenants.」
The commitment line limit with 6 lenders is ¥1,000 million, with no borrowings drawn and ¥1,000 million undrawn. The facility remains subject to financial covenants. - FY2017-Q1First statedAnnual report
「The commitment line agreement contains financial covenants.」
The commitment line limit with 6 lending financial institutions is ¥1,000 million, with ¥1,000 million undrawn as of the end of the quarter. The facility is subject to financial covenants.