September 27, 2018 / 10:56 AM / 2 months ago

BRIEF-Stefanel Postpones H1 Results Approval

Sept 27 (Reuters) - Stefanel SpA:

* SAID ON WEDNESDAY BOARD HAD POSTPONED APPROVAL OF H1 RESULTS, PREVIOUSLY SCHEDULED FOR SEPT. 27

* SAYS PERSISTING NEGATIVE TREND OF 2018 AUTUMN/WINTER SEASON SALE CAUSED ‘RELEVANT’ UNCERTAINTIES REGARDING CO’S ABILITY TO FORECAST REVENUES IN THE UPCOMING MONTHS

* NEGATIVE TREND OF 2018 AUTUMN/WINTER SEASON WAS ALSO DUE TO UNFAVOURABLE WEATHER

* BOARD RESOLVED TO START WORKING IN OCT ON A REORGANIZATION WHICH SHOULD ALLOW CO TO CONTINUE OPERATING ON GOING CONCERN BASIS IF SALES DO NOT MEET CURRENT PLAN TARGETS

* SAYS BOARD ACKNOWLEDGES THAT THERE ARE NOT THE CONDITIONS TO APPROVE H1 RESULTS ON GOING CONCERN BASIS

* SAYS IT IS POSSIBLE THAT COMPANY WILL BE UNABLE TO MEET COVENANT RELATED TO FY 2018 EBITDA AND IT HAS INFORMED LENDING BANKS ABOUT IT, ANTICIPATING A WAIVER REQUEST

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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