Steel & Tube gains waiver from lenders after writedowns led to covenant breach

Sun, 01 Jul 2018

By Jonathan Underhill July 2 (BusinessDesk) - Steel & Tube Holdings said it has obtained a waiver from its banks after writedowns and impairments put it in breach of at least one lending covenant. In May the Lower Hutt-based supplier of steel building products said it expected a loss on an earnings before interest and tax basis of about $38 million in the year ended June 30 as a result of costs and impairments of as much as $54 million. Steel & Tube reviewed its business under the guidance of a refreshed board and new chief executive Mark...

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