Lenders to consulting engineer White Young Green have agreed to defer a covenant test to the end of July
The £282m-turnover firm is thought to be in danger of breaching its net debt-to-EBITDA (earnings before interest, tax, depreciation and amortisation) covenant.
Its debt pile of £91m was amassed during an £85m spending spree during which the firm bought 18 companies in five years.
This week it described trading as “mixed and challenging” and reiterated that it would incur “significant exceptional costs” in the year to 4 July 2009.
The company plans to raise an estimated £40m from investors.