07:44 AM EDT, 08/06/2024 (MT Newswires) -- Chesswood Group ( CHWWF ) on Tuesday updated its plan to remedy its previously announced non-compliance with the borrowing base covenants under its syndicated senior revolving credit facility.

The waiver provided by the lending syndicate under, which was to expire on Aug. 2, has been amended and extended to Sept. 16.

The amended waiver provides the time for a reduction in the permitted maximum outstanding amount under the credit facility in the event of certain sales of portfolio receivables and in the event of sales of the company's interest in certain subsidiaries. In each case the proceeds of which are to be used for repayments under the Credit Facility.

The amended waiver also provides for future borrowings to fund payments contemplated in the cash flow forecast agreed to by the company and the lending syndicate