Vans Inc., citing losses that it posted in the second quarter, said it might be failing to comply with one or both of its covenants regarding EBITDA under a credit line for its third quarter ending March 1. The company said its lenders have consented to waive those violations.
The company said it’s discussing plans with its lenders to either modify the covenants or restructure the company’s $45 million revolving credit line.
Vans reported a net loss of $3.7 million, or 20 cents a share for the second quarter ended Nov. 30, 2002.
