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At December 3 1 , 2 0 2 4 , Cordova Leather s liabilities include the following: $ 1 5 . 4 million of noncallable
At December Cordova Leathers liabilities include the following:
$ million of noncallable notes were issued for $ million on August The notes mature on July Sufficient cash is expected to be available to retire the notes at maturity.
$ million of notes were issued for $ million on May The notes mature on May but investors have the option of calling demanding payment on the notes on June However, the call option is not expected to be exercised, given prevailing market conditions.
$ million of notes are due on March A debt covenant requires Cordova to maintain current assets at least equal to of its current liabilities. On December Cordova is in violation of this covenant. Cordova obtained a waiver from Village Bank until June having convinced the bank that the companys normal to ratio of current assets to current liabilities will be reestablished during the first half of
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