BRIEF-Tesla provides an update on its credit facilities

Fri May 6, 2016 2:25am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

May 6 (Reuters) - Tesla Exploration Ltd :

* Tesla Exploration provides an update on its credit facilities

* Received verbal notification from UK lender that its GBP 1.8 million overdraft facility will not be extended past june 30, 2016

* Says "company anticipates that occurrence of borrowing base shortfalls may continue for foreseeable future"

* For Q1 co anticipates being in violation of minimum lender adjusted ebitda covenant and has requested a waiver from its lender

* Says company has drawn on its operating loan facility in excess of its borrowing base limit by approximately $1.1 million

Source text for Eikon:

Further company coverage: (Bengaluru Newsroom)