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Telit Communications gets advance waiver from bank for potential breach of covenants

The company remains in discussions on its covenant package
Internet of things
Earlier this month, Telit said it is advanced discussions with its bank about waiving a possible breach of one of its covenants

Telit Communications Plc (LON:TCM) said it has been granted an advance waiver by its bank for the potential breach of covenants as at 31 December 2017.

It said in a statement that: "The Group and the bank remain in discussions with regard to amending its covenant package for future periods."

READ: Telit targeting double-digit revenue growth in 2018

Earlier this month, Telit said that it is in “advanced discussions” with its bank about waiving a possible breach of one of its covenants, freeing cash flow generation against debt service obligations at the end of the year.

 

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