Struggling food manufacturer Premier Foods has been given a bit of breathing space by its bankers, who have agreed to defer the company's end-of-year loan covenant tests by three months.
The company, which a month ago issued a profits-warning and which has seen its share price dive by two-fifths since, said the agreement with its bankers forms part of the company's discussions about longer term refinancing of the group's debt and confirms ongoing bank support for the business.
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"In recent weeks, we have set out our priorities and made significant leadership changes to strengthen our focus. We are now moving quickly to finalise our detailed growth plans to ensure we continue to build momentum in the business," said Michael Clarke, Chief Executive Officer of Premier.
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