Boston Pizza not in compliance with various financial covenants

By Sarah Lizee

Olympia, Wash., May 4 – Boston Pizza International Inc. is not in compliance with some financial covenants under the credit agreement with its bank, according to a press release.

Also, Boston Pizza International and Boston Pizza Canada LP are not in compliance with some financial covenants under the general security agreements granted to Boston Pizza Royalties Income Fund.

Neither the bank nor the fund has taken any steps to enforce any of their respective rights under the agreements.

Although the fund was in compliance with the covenants under its senior credit facilities as at March 31, it anticipates that it will not be in compliance as at June 30.

Boston Pizza International is a Vancouver, B.C.-based casual dining brand.

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