Asos in final stages of talks to amend terms of credit facility
Online fashion retailer Asos has said it is in the final stages of agreeing an amendment to its future financial covenants in its revolving credit facility.
The news comes after Sky News reported yesterday that the retailer had approached banks behind the facility to seek an amendment to its borrowing agreements.
The news outlet also said lenders, including Barclays, HSBC and Lloyds Banking Group, were lining up AlixPartners and law firm Clifford Chance to advise them on the situation, which could pave the way for an independent business review.
Asos said in a statement today: “This action will give Asos significantly increased financial flexibility, against the uncertain economic backdrop. Asos retains a strong liquidity position, and this is a prudent step in the current environment.”
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