On Monday, 5 April- Mexican restaurant operator Alsea said it had reached a deal with its banks to suspend certain commitments from April to mid 2022 as it grappled with the impact of the coronavirus pandemic on its operations.
Alsea, which operates brands including Starbucks, Dominos and Burger King in Europe, reached an initial agreement with banks in July last year.
Alsea negotiated with all banks with whom it has a relationship to extend the calculation of certain covenants in their credit contracts, said Alsea in a statement.
The new deal will extend until June 30 next year and provides that Alsea can not be holding more than 19.4 billion pesos in debt and must keep its minimum liquidity level at 3 billion pesos.
Alsea also agreed to maintain consolidated shareholders' equity of 6.9 billion pesos and not spend more than 800 million rupees in capital investments per quarter.
Alberto Torrado, chief executive of Alsea said the deal would give the company the flexibility to concentrate on growth and make loan payments on time. Atlantis can speak with confidence.