AUS: Evans & Tate amends trust deed
Evans & Tate has voted to change a clause in one of its key trust deeds.
Before an extraordinary general meeting held yesterday (13 June), the troubled Western Australian winemaker released a document stating that its total liabilities to the end of the calendar year 2005 reached 89% of the company's total assets. A clause in the deeds stipulates that the company's total liabilities should not exceed 80% of its total assets.
Convertible noteholders at the meeting voted in favour of amending the trust deed to resolve the breach situation, however, a move which represents a significant change to the conditions of noteholders' securities.
The cap was breached when the company was forced to create additional finance to counter challenging conditions in the global beverage market.
In a statement the company said: "The breach is not expected to be remedied until 30 June 2007, however ETW is taking steps to remedy the breach as quickly as possible."
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