Promisia breaches covenant with Bank of New Zealand

Promisia Healthcare Limited has announced that it has breached its interest cover ratio covenant with its primary financier, Bank of New Zealand.

The breach is due to higher interest costs and increased expenses as the company has made changes to its management team and implemented new initiatives.

Promisia is in discussions with the bank and is preparing more information for their consideration.

The company expects to conclude these discussions by the end of the year and remains in compliance with all other banking covenants.