Hain gets lender limited waiver, credit extension
Hain Celestial hopes to get into compliance with borrowing obligations and financial reporting regulations
Hain Celestial has been offered a second limited waiver and extension of certain obligations under its unsecured credit facility from its lenders until February 27, 2017, the company announced in a press release.
The waiver and extension relate to the delivery of Hain Celestial’s financial statements for fiscal year 2016, first quarter of fiscal year 2017, and if necessary, the second quarter of fiscal year 2017, concurrent with the compliance extension previously granted by the Nasdaq Stock Market.
This will allow
Hain Celestial had previously announced on August 15, that during the fourth quarter of fiscal year 2016 it had identified concessions that were granted to certain distributors in the United States and that the audit committee had retained independent counsel to assist in its independent review of such matter. The review, which was extensive, found no evidence of intentional wrongdoing in connection with the company's financial statements.
"We are pleased to receive the continued full support of our bank group led by