Brief: Harbor Custom Development - Under Loan, A Failure To Maintain Required Interest Coverage Ratio Financial Covenant Is Defined As An Event Of Default

Harbor Custom Development

28/10/2022 21:35

Oct 28 (Reuters) - Harbor Custom Development Inc
 HCDI.O :
    * HARBOR CUSTOM DEVELOPMENT - UNDER LOAN, A FAILURE TO
MAINTAIN
REQUIRED INTEREST COVERAGE RATIO FINANCIAL COVENANT IS DEFINED
AS AN EVENT OF DEFAULT
    * HARBOR CUSTOM DEVELOPMENT INC - FOR SUCH AN EVENT OF
DEFAULT,
LENDER MAY ACCELERATE ALL AMOUNTS DUE UNDER LOAN
    * HARBOR CUSTOM DEVELOPMENT INC - ON OCT 25, CALCULATED CO
FAILED
TO MEET A FINANCIAL COVENANT OF THAT CERTAIN LOAN AGREEMENT WITH
BANKUNITED, N.A.
    * HARBOR CUSTOM DEVELOPMENT - LENDER HAS INFORMED COMPANY
THAT
LENDER IS SENDING LOAN TO ITS RESTRUCTURING DEPARTMENT FOR
POTENTIAL RESTRUCTURING

Further company coverage:  HCDI.O 
 ((Reuters.Briefs@thomsonreuters.com;))