nspired Entertainment has announced that it entered into an agreement with its lenders to amend its Senior Facilities Agreement dated September 27, 2019, which modifies the financial covenants and does not require Inspired to raise any additional capital.
"We are pleased to have entered into this agreement following a highly-constructive dialogue with our lenders. Further, we are gratified at the support shown by our lenders for the successes that Management has achieved in significantly lowering our operating costs in the face of the global Covid-19 pandemic while navigating the Company to this point. At the same time, Inspired has further benefitted from the expansion of our Interactive business during the pandemic," said Lorne Weil, Executive Chairman of Inspired.
Mr. Weil continued, "As a result of these efforts, as of June 22, 2020, we had over $46 million1 in cash on hand, providing what we believe to be an appropriate level of liquidity for the business. Given our current liquidity and minimal operating cash burn, we believe we are well-positioned as our land-based customers have begun the process of reopening."
Mr. Weil concluded, "While early in the process, we have been pleased with initial reports of business volumes in the land-based markets in which our customers have reopened, and we expect to provide additional detail as to the level of business volumes in these markets over the coming weeks."