May 7, 2020 / 12:51 PM / a month ago

BRIEF-Marston's Furloughs Over 13,000 Employees, Cancels Interim Dividend

May 7 (Reuters) - Marston’s PLC:

* BELIEVES THAT GROUP HAS SUFFICIENT LIQUIDITY TO MAINTAIN OPERATIONS AT A MATERIALLY REDUCED LEVEL OF BUSINESS

* CONFIRMS IT HAS FORMALLY ASKED HOLDERS OF ITS SECURED CLASS A NOTES FOR A LIMITED NUMBER OF TECHNICAL WAIVERS AND AMENDMENTS

* MARSTON’S IS SEEKING CONSENT OF ITS CLASS A NOTEHOLDERS TO TEMPORARILY WAIVE OR AMEND CERTAIN TERMS

* CONFIDENT THAT IT HAS SUFFICIENT HEADROOM ON BOTH ITS BANK AND SECURITISED FACILITIES, SUPPORTED BY A 93% FREEHOLD ESTATE

* NOT SEEKING ANY CHANGES TO SCHEDULED INTEREST OR QUARTERLY REPAYMENTS DUE TO NOTEHOLDERS

* FURLOUGHED C.93% OF GROUP’S 14,000 EMPLOYEES AND REDUCED SALARIES OF BOARD AND OTHER REMAINING STAFF

* NEED FOR TEMPORARY WAIVERS OR AMENDMENTS REQUESTED IS ENTIRELY CAUSED BY EFFECTS OF COVID-19 SHUTDOWN MEASURES

* CANCELLED INTERIM DIVIDEND PAYMENTS BY GROUP FOR FY2020 Source text for Eikon: Further company coverage:

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