23 Apr 2009

F and P may have to extend funding deadline

3:16 pm on 23 April 2009

Fisher and Paykel Appliances says the deadline to repay an $80 million funding facility may need to be extended.

The short term facility has been used to meet the whiteware maker's immediate funding needs and is repayable at the end of April.

The agreement also includes a waiver of its debt cover ratio and interest cover ratio convenants, which Fisher and Paykel had been in danger of breaching.

Fisher and Paykel Appliances says it may need to be extended, as negotiations continue with its bankers over the refinancing of its total debt, which stood at $570 million at the end of March.

Fisher and Paykel Appliances has struggled to rein in debt from moving its operations overseas.