Live Nation has secured financial breathing room by securing favorable changes to its debt covenants ahead of its second-quarter earnings release on Aug.
5. Although covenants are standard requirements meant to protect the lender from a default, and manageable under normal circumstances, they can be impossible to achieve when a pandemic has crippled many types of businesses, especially live entertainment.
The latest example of music companies shoring up debt and credit to weather COVID-19, Live Nation’s covenant revisions provide “additional financial flexibility,” CEO Michael Rapino said in a July 31 press release.
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