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Barratt Developments soars amid report of covenant waiver

LONDON (MarketWatch) — Shares in Barratt Developments shor up 17.6% in London on Friday, after a report that it has agreed a waiver on its debt covenants with its lending banks. Building magazine reported that the firm has also fended off “numerous approaches” from private equity funds in the last ten days. Barratt and the homebuilding sector have been under pressure in the last few weeks as investors worried that they will have to issue equity to shore up balance sheets if they have to write down land values. Other homebuilders also climbed on Friday, with Redrow up 8.9% and Bellway up 10.7%.
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Original post by Forextvblog

This entry was posted on Friday, June 20th, 2008 at 1:39 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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