Sundial Gets Second Extension On Credit Facility Waivers

That thread that Sundial Growers (NASDAQ: SNDL) is hanging on appears to be getting thinner. The company announced in a brief release this morning that it has seen certain waivers related to its credit agreements waived for ten additional days, expiring now on May 11, 2020.

The waivers, which had an initial expiry date of April 15, have been extended a second time following the firms failure to meet certain agreed upon milestones related to its its credit facility. The company has been forced to sell its Bridge Farm UK property as a result of the current financial condition that the company has found itself in, which inconveniently has had documented cases of workers contracting COVID-19.

Should Sundial fail to enter into a definitive purchase agreement for the sale of its Bridge Farm UK assets before the expiry of the waivers, the firm will default on its currently outstanding $177.9 million in debt, triggering further problems for the firm. It is currently unclear if the company is in discussions with interested parties related to the sale of the property, which was acquired last July for $129.9 million. The company recently wrote of $100.3 million on the value of the asset within its latest round of financial statements.

Sundial Growers last traded at $0.59 on the Nasdaq.


Information for this briefing was found via Sedar and Sundial Growers. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

Sundial: Preserving Capital Is A Key Priority – The Daily Dive

On today’s Daily Dive, we sit down for the first time with Zachary George, whom...

Wednesday, December 15, 2021, 01:30:00 PM

Sundial Growers Takes 18.45% Stake In Indiva With $22.0 Million Investment

It appears that despite significant cash holdings, Sundial Growers (NASDAQ: SNDL) remains committed to the...

Tuesday, February 16, 2021, 08:50:07 AM

SNDL: Canaccord Reiterates Ratings Following Superette Transaction

On August 31, SNDL Inc (NASDAQ: SNDL) announced that they agreed to acquire all of...

Sunday, September 4, 2022, 11:04:00 AM

Sundial Growers Forms Investment Joint Venture, Commits Initial $100 Million To Project

Sundial Growers (NASDAQ: SNDL) this morning announced that it has entered into a joint venture...

Monday, March 15, 2021, 08:09:01 AM

Sundial Growers Files For US$800 Million At-The-Market Offering

Sundial Growers (NASDAQ: SNDL) this morning filed a prospectus supplement with the US Securities and...

Monday, March 22, 2021, 11:42:44 AM