nedbank21 Oct 2021 17:07
all this garbage about the bank RCF being called in or cancelled. tripe.
The borrower and lender have renegotiated the terms because the covenants either breached or were about to be breached, and came to an acceptable arrangement going forward for both parties. covenants are set to give clarity in advance when the facilities need to be reviewed, they are then reviewed and amended as needed, and business continues.
with covid and all there will be covenants being revised right across the markets. The BMN facility hasnt been called in as in formal demand and we want our money back, its been renegotiated to a lower level and continues.
I have dealt with hundreds of these situations. If the line was called in, it wouldnt exist now.
there is a lot of shthousery on this board, ignore them.