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News Breaks
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April 18, 2011
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| 09:03 EDT |  | TBSI |
| theflyonthewall.com: | TBS International and banks agree to modify loan covenants | | TBS International announced that it and its various lender groups have agreed to modify certain financial covenants through December 31, 2011. Pursuant to the new modifications, the minimum consolidated interest charges coverage ratio has been reduced for the fiscal quarters ending June 30, through December 31 from 3.35 to 1.00 to 2.50 to 1.00. In addition, the modifications increased the maximum consolidated leverage ratio for the same periods from 4.00 to 1.00 to 5.10 to 1.00, and reduced the minimum cash requirement from $15 million to $10 million for the period from July 1 to December 31. :theflyonthewall.com |
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