AGCC does not expect to be in compliance with its fixed charge coverage
More News related to AGCC
- Dow +71.57, Nasdaq +28.31, S&P +8.22
- 7/19: Streetinsider.com's Unusual 11 Afternoon Movers
- 7/19: Streetinsider.com's Unusual 8 Morning Movers
- AGCC does not expect to be in compliance with its fixed charge coverage
- Russell Index Reconstitution List
More News related to Corporate News
- Notable Mergers and Acquisitions of the Day 03/22: ISIL/TWLL, NMM/NM, NOVL
- Morning Movers 3/22: IBNK, CXG, ARWR, CTIB Higher; PRWT, CTIC Lower
Anchor Glass Container Corporation (NASDAQ: AGCC) announced today that as a result of substantially lower than expected results for May and June 2005, the Company does not expect to be in compliance with its fixed charge coverage ratio under its two revolving credit agreements with Wachovia Bank NA and Madeleine LLC as well as its capital leases with General Electric Credit Corporation. The Company further announced that it is in discussions with these lenders to seek waivers or modifications of their covenants. Based on discussions with its revolving credit lenders, Anchor stated that it expected to be able to draw funds under its revolving credit facilities to pay ordinary course liabilities, but it noted that the Company's expected non-compliance with its fixed charge coverage ratio would permit the lenders to accelerate the maturity of the indebtedness owing under these facilities if the lenders determined to do so.
Related Categories
Corporate NewsHot List
Stocks Mentioned
-0.08Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
