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Benzinga
Benzinga
Business
Akanksha Bakshi

Spark Power Inks Waiver, Amendment Agreement With Lender

SPG Richard Jackson
  • Spark Power Group Inc. (TSX:SPG) (OTC:SKPGF) has entered into a waiver and amendment agreement with its senior lender.
  • As reported in February, the company breached its financial covenants under its existing secured credit facility with the lender.
  • It is further expected that the company will continue to breach its financial covenants as of March 31, 2022.
  • The company has continued to operate by the facility's conditions while cooperating with the lender to secure a waiver of these covenant violations and make interim changes to the financial covenants.
  • "We are very pleased with the arrangement we have reached with the bank which allows us to operate the business in the normal course and execute our 2022 strategic plan," said CEO Richard Jackson.
  • Price Action: SPG shares closed higher by 12.6% at C$0.80 on TSX on Monday.
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