Keybridge awaits key bank report
Property and infrastructure investor Keybridge Capital is still locked in talks with its major banks in a bid to maintain its operations after early last month flagging likely write-down in its end of year accounts and a likely breach of covenants in its loan facility.
Keybridge announced to the Australian Securities Exchange today that it was working with its banks with the aim of altering its loan terms to continue realising investments, facilitating the repayment of its debt and ultimately returning capital to shareholders.
It said the company’s banks, which included Commonwealth, Bankwest, St George and NAB, had commissioned a report from an investigating accountant that was due to be finalised shortly.
Keybridge said its objective was to have a resolved position with the banks ahead of the release of the company’s annual accounts in August and, in the meantime, it was making no new investments while focusing on managing its existing investment portfolio.
AUTHOR
Mike Taylor
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