Premier Says Lenders Agree to Defer Covenant Test Until March
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Premier Foods Plc, owner of the Hovis bread and Bisto gravy brands, agreed with its lenders to postpone a financial covenant test until March.
The lenders deferred a test due on Dec. 31 to March 31, 2012, as part of Premier’s discussions on debt refinancing, the St. Albans, England-based company said in a Regulatory News Service statement today. Premier was in talks with banks to reset covenants beyond their current maturity of December 2013, Chief Executive Officer Michael Clarke said last month.