WasteCo's shares drop after banking covenant breach

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Wed, 11 Sep 2024

WasteCo Group’s share price has fallen nearly 13% after it told the market it was breaching banking covenants.On Wednesday, the Christchurch-based waste management company told the New Zealand Exchange (NZX) that it had breached its quarterly interest cover ratio and leverage ratio covenants with Kiwibank, its primary financier.The breaches occurred because of weaker quarterly trading, with revenue down against budget, particularly from some of its larger customers.At 10:45am on Wednesday, the company’s stock was trading down 12.8%...

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