Brief: Awilco LNG: Extension Of Amendment To Sale/Leaseback Financial
23/11/2020 12:19
Nov 23 (Reuters) - Awilco LNG ASA ALNG.OL :
* EXTENSION OF AMENDMENT TO SALE/LEASEBACK FINANCIAL
* AGREED WITH CCB FINANCIAL LEASING CO. LTD. TO EXTEND
TEMPORARY
AMENDMENTS TO FINANCIAL COVENANTS IN SALE/LEASEBACK FACILITIES
FOR WILFORCE AND WILPRIDE
* REQUIRED MINIMUM CONSOLIDATED CASH AND CASH EQUIVALENTS
FINANCIAL COVENANT OF USD 10.0 MILLION HAS BEEN REDUCED TO USD
2.0 MILLION
* REQUIRED CONSOLIDATED POSITIVE WORKING CAPITAL FINANCIAL
COVENANT HAS BEEN EXTENDED FOR A FURTHER SIX-MONTH PERIOD, FROM
1 JANUARY 2021 TO 30 JUNE 2021
* AS A CONDITION OF EXTENSION CO IS RESTRICTED FROM
DECLARING OR
PAYING DIVIDENDS IF ITS CONSOLIDATED CASH POSITION IS LOWER THAN
$20.0 MILLION
* ANTICIPATED COLDER WINTER, CAUSED BY LA NINA WEATHER
EFFECTS, IS
EXPECTED TO SUPPORT A STRONG LNG SHIPPING MARKET NEXT FEW MONTHS
* LNG DEMAND IS EXPECTED TO RESUME ITS GROWTH TRAJECTORY AND
RESULTS ARE EXPECTED TO IMPROVE
Source text for Eikon: ID:nObihlhkca
Further company coverage: ALNG.OL
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