Cathedral has received a fourth amendment from its lending syndicate that has instituted minimum EBITDAS covenants, replacing traditional credit ratios until 3Q17e. We believe there is a chance the Company does not meet these requirements. The Company’s lending syndicate has worked with Cathedral until this point in the downturn. Given our view of an activity recovery in 2017e, we expect an amenable solution will be reached. Cathedral reported 2Q16 EBITDAS of a loss of $2 mm, modestly b
11 Aug 2016
2Q16 Results Involve Additional Covenant Amendments
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2Q16 Results Involve Additional Covenant Amendments
Cathedral Energy Services Ltd. (CET:TSE) | 0 0 0.7% | Mkt Cap: 69.1m
- Published:
11 Aug 2016 -
Author:
Ian B. Gillies -
Pages:
6
Cathedral has received a fourth amendment from its lending syndicate that has instituted minimum EBITDAS covenants, replacing traditional credit ratios until 3Q17e. We believe there is a chance the Company does not meet these requirements. The Company’s lending syndicate has worked with Cathedral until this point in the downturn. Given our view of an activity recovery in 2017e, we expect an amenable solution will be reached. Cathedral reported 2Q16 EBITDAS of a loss of $2 mm, modestly b