Chesswood (TSE:CHW) has released an update.
Chesswood Group Limited is exploring the sale of its business units or the entire company amid challenging economic conditions and capital constraints. While some interest has been shown by potential buyers, the company is also dealing with a breach of its borrowing covenants due to a system error, for which it has secured a temporary waiver from lenders. Chesswood is continuing negotiations and seeking capital-raising activities to rectify the situation and comply with its credit facility terms.
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