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Article: Further debt woe for struggling Bakkavor.(news)(Bakkavor Group HF)(Financial report)(Brief article)
- Article from:
- Grocer
- Article date:
- May 23, 2009
- Author:
CopyrightCOPYRIGHT 2009 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bakkavor has had a shaky start to the financial year having failed to meet a 140m [pounds sterling] debt repayment.
In the week it unveiled its first quarter results, the ready meals giant admitted it had asked lenders to extend the maturity dates on its bonds, but that talks had progressed more slowly than expected.
"It's very unfortunate things are taking longer than expected and we've had to make this announcement," CFO Richard Howes said. "We've had a lot of support from lenders on extending the maturity of the bonds, but given Iceland's tricky economic situation, progress has been slower.
"I have a good level of confidence we will be able ...