Fisher and Paykel Appliances says its banking syndicate has agreed to waive a budget performance covenant test that was due to come into effect on Wednesday.
The company sharply downgraded its profit forecast last week, and warned it was close to breaching a banking covenant because of lower-than expected earnings in the United States.
Fisher and Paykel Appliances says its banking syndicate has accepted a revised forecast, against which its performance will be measured for the next six months.
The company says $34 million of proceeds from the sale of its East Tamaki plant will go towards debt repayment.
