HOVNANIAN RECEIVES FINANCING WAIVERS
Associated Press
02.04.08, 12:55 PM ET
New York
Homebuilder Hovnanian Enterprises Inc. said Monday lenders have
temporarily waived certain conditions of its credit facilities,
according to a regulatory filing.
The waivers, which cover tangible net worth, fixed charge coverage
ratio and leverage ratio, expire on March 14, according to a filing
with the Securities and Exchange Commission.
Hovnanian said it expects to enter into an amended credit facility
prior to the March 14 deadline.
Shares of Hovnanian fell $1.11, or 9.2 percent, to $10.98 in afternoon
trading.
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