October 30, 2018 / 9:42 AM / 17 days ago

Spain's DIA pledges not to breach debt covenants

MADRID, Oct 30 (Reuters) - Struggling Spanish supermarket chain DIA is working on making sure its surging debt does not reach a level which would break any of its financing covenants, Chief Executive Antonio Coto said on Tuesday.

Addressing analysts on a conference call to accompany the publication of nine-month results which showed DIA’s debt has jumped to 1.4 billion euros ($1.6 billion), Coto said:

“As of today we have not breached any covenant ... I can assure that at the next covenant date, that is going to be the closing of next year, we will have renegotiated everything, and it is my commitment not to breach any covenant in the future.” ($1 = 0.8796 euros) (Reporting by Isla Binnie Editing by Emma Pinedo)

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