Alsacia to Seek Covenant Waiver

Alsacia to Seek Covenant Waiver

Chile Bonds

Chile’s Inversiones Alsacia plans to seek a waiver from bondholders, it says, after its debt service coverage ratio fell below the minimum required in its covenants. The low coverage leaves the borrower unable to place required funds in an operation and maintenance account. The bus operator will now ask bondholders to adjust the minimum requirements. The breaching of the covenant is not grounds for acceleration, Alsacia says. The low coverage levels had already spooked rating agencies. Fitch pla

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