Renaissance settles business sale but breaches banking covenant

Tue, 17 Jul 2012

July 18 (BusinessDesk) - Renaissance Corporation said it has settled the sale of its distribution business to Exeed but has breached a banking covenant because some of the sale proceeds have been withheld. The company said it received $4.33 million and a further $840,000 has been put in a solicitor's trust account pending the final value of the inventory, claimed warranty breaches which Renaissance “absolutely” refutes, accrued leave payable to Renaissance staff who have transferred to Exeed and the provision of certain business records. “So...

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