TradeWindow, a global trade software company, has announced that its lender, ASB Bank, has extended the interim waiver on a lending covenant that was breached due to a delayed deal with nChain.
TradeWindow and ASB Bank are working together to restructure the $1.1 million debt facility to support the long-term stability of the business.
If certain conditions are met by November 30, the debt covenant will be waived until June 30, 2024, giving TradeWindow time to execute its reorganization and cost reduction strategy.
The company is also exploring options to reduce costs, secure additional funding, and accelerate EBITDA breakeven.
TradeWindow intends to release its financial results for the six months to the end of September on November 29 and will provide updates as it gains certainty from its cost-cutting measures.See more