Van hire firm Northgate has reached an agreement on the terms of
refinancing with its major lenders, after discussions started
earlier this year.
The company announced that its banks and private placement note
holders have agreed to defer a second time the date of certain of
the covenant tests, from June 30 to August 31.
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It said that the refinancing is subject to final credit and
investment committee approval from Northgate’s lenders, which is
currently in progress.
The company, which operates in the light commercial
vehicle rental business in Spain and the UK, has been hit hard
by the economic downturn and last December predicted lower profits,
as market conditions deteriorated.
Antonio Fabrizio
