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Later, PwC also told Amerco that the consolidation would not interfere with its debt covenants, the suit says.
FORBES: Magazine Article
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Jarvis has breached debt covenants and had until the end of the week to agree a credit extension with its banks.
BBC: NEWS | Business | Jarvis slides to ?246m year loss
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But the cost-cutting will likely be more severe because there are probably debt covenants tied to all the money owner Fred Wilpon has borrowed tied to the Mets and their one-third interest in the regional cable network, SNY.
FORBES: New York Mets May Have To Cut Payroll By $30 Million
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He prefers not to buy securities unless BlackRock is covered by covenants that protect its position in the debt structure.
FORBES: High Yield High Risk
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These events follow anecdotal reports I saw last year about issuers trying to ease the covenants, or loan requirements, placed in their debt offerings.
FORBES: Are Bond Investors Taking On More Risk?
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Generous loan covenants give managers more flexibility to work through their debt, and lenders are keen to extend the duration of loans rather than call them in and face more write-downs.
ECONOMIST: The buy-out barons say the worst is over. They would
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As the economic news worsens and profits dive, more firms will be at risk of breaching covenants on standard measures such as the ratio of debt to earnings before interest, tax, depreciation and amortisation.
ECONOMIST: Corporate lending
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Moody's, another rating agency, says it was less worried by the absence of covenants last year than by the more aggressive use of borrowed money (in particular, bank debt) in private-equity deals.
ECONOMIST: What isn't known about bad debts