Crown Cap (TSE:CRWN) has released an update.
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Crown Capital Partners Inc. has announced a delay in their $1.0 million interest payment due on June 30, 2024, for its outstanding $20 million 10% unsecured subordinated debentures, amid liquidity challenges and default on their senior secured credit facility. The company is seeking to rectify its financial ratios to meet covenant requirements but warns there’s no guarantee of securing the necessary funds before the 30-day grace period expires. Crown Capital, known for partnering with growth industries, is working to resolve these issues while continuing its investment management and direct investment operations.
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