Toll Global Forwarding restructure – plus: group covenants, other musings

Here’s a follow-up to loss-making Toll Group and divestments Part 1, released yesterday. First off, before moving to Global Forwarding and its restructuring – given the 3PL’s soaring debt load, let’s quickly expand on debt covenants and how the Australian group perceives the risk of breaching them. (Don’t hold your breath.) As expected, relative/absolute covenant levels were undisclosed in the ASIC filing lodged at the end of July. However, Toll duly noted that ...