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Extract to table / financial-covenant-impact-memo.docx
financial-covenant-impact-memo.docx
Parties
HARKNESS LLP
Logistics SA
Compass Maritime Bank SA
Palladian LLP
Helios Automation GmbH
Oceanos Underwriters SA
Dates
December 5, 2022
September 1, 2020
August 12, 2022
October 3, 2022
November 14, 2022
March 1, 2023
December 31, 2022
March 10, 2023
November 28, 2022
January 1, 2021
Amounts
€75,000,000
€2,000,000
€8.8
€14.7
€5,000,000
€45,600,000
€159,600,000
€132,300,000
€27,300,000
€27,360,000
Obligations
If TSL's EBITDA trends downward or if additional material indebtedness is contemplated, the covenant headroom analysis must be updated promptly
Important caveat: The provision amount for financial reporting purposes must reflect a genuine best estimate of the expected liability under IAS 37
It must not be a strategic figure chosen for the purpose of managing TSL's covenant compliance ratio or minimizing the apparent financial impact of the dispute