From Elle to Heidi Klum, to Stella McCartney: Bendon's breached banking covenants and the Naked deal

Wed, 25 Apr 2018

By Paul McBeth April 26 (BusinessDesk) - Bendon will have to repay Bank of New Zealand US$20 million to keep its lender onside through a planned merger with Nasdaq-listed Naked Brand Group, after mounting losses led to the underwear maker breaching banking covenants. The planned merger was first touted at the start of last year in what was effectively a reverse listing for the New Zealand company controlled by NBR rich lister Eric Watson, providing a lifeline for New York-based Naked, which was at risk of losing its Nasdaq listing when i...

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