BWX collapsed yesterday as Commonwealth Bank ceased to support the cosmetics group and its operations entered voluntary administration.
In light of recent communications from the companys lender, the companys board is considering how to best protect the interests of the company and the group as a whole in the absence of an agreed refinancing, said BWX in a statement to the ASX.
The group had been in breach of lending covenants outlined by the Commonwealth Bank since November, yet the bank had agreed not to act on loan breaches until March 31.
Commonwealths agreement to not act on loan breaches ended last Friday, which meant BWX needed to find another arrangement with Commonwealth or other financiers yesterday or collapse.
However the CBA…
Read the full article at: https://www.bandt.com.au/bwx-crumbles-and-falls-into-voluntary-administration-zoe-foster-blakes-go-to-goes-on-sale/