Jervois Global Achieves Covenant Waiver and Cost Cuts

Jervois Global Limited (AU:JRV) has released an update.

Jervois Global Limited has secured a waiver of all financial covenants on its US$100 million ICO senior secured bonds until July 20, 2024, with the support of the majority bondholder. The company is also proactively working to strengthen its balance sheet through potential transactions and cost reductions, including a 30% cut in senior corporate management roles and a similar reduction in Non Executive Directors’ cash compensation.

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