Banks Waive Covenant Breach on Tsubaki Nakashima's ¥42.5bn Loan
A ¥42.5bn syndicated loan survived only because five banks agreed in July not to demand early repayment after Tsubaki Nakashima breached its financial covenants for a second half in a row, and the company's own numbers show the reported profit recovery ran mostly on a one-off land sale.