Mothercare Discussions With Lenders Are Advancing "Constructively"

21st Mar 2018 10:24

LONDON (Alliance News) - Parent and child products retailer Mothercare PLC on Wednesday confirmed that the discussions with its "lenders on the terms of its existing financial facilities are progressing constructively".

The company expects that the discussions will end before the announcement of its preliminary results on May 17. The company said that the lenders have agreed to defer the testing of its financial covenants due on March 24 2018.

The company said March 2 that due to the challenging trading environment anticipate an increase the borrowings for the financial year 2019, and require waivers of certain financial covenants.

Shares in Mothercare were 11% up at 17.50 pence on Wednesday.

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