The Globe and Mail reports in its Thursday, Nov. 27, edition that Dye & Durham said on Wednesday it plans to file its delayed annual and first quarter financial statements during the week of Dec. 15. The Globe's Sean Silcoff writes that if, however, these filings are not completed by Dec. 18, D&D may default on its senior credit agreement.
D&D's timeline indicates it will complete outstanding items for its auditor by next week, after initially missing the Sept. 29 deadline for annual filings for the year ended June 30 and the first quarter.
Meanwhile, D&D has until Dec. 18 to file its overdue statements under its credit agreement. They were supposed to be submitted earlier this month, before a 30-day "cure period" kicked in, which gives it breathing room to fix the matter. D&D said it is working with advisers and the administrative agent under the credit agreement to obtain another waiver from its lenders to give it an extra day to file the outstanding statements by the end of the week.
D&D also said it had received an extension by the Ontario Securities Commission of a temporary and voluntary management cease-trade order in relation to the filing delay, to Dec. 13.
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