Financial Times FT.com

Covenants in spotlight as banks reduce 'headroom' on company debt

By Anousha Sakoui

Published: August 21 2008 03:00 | Last updated: August 21 2008 03:00

Mark Pain describes it as one of the most difficult periods of his 25-year career - involving round-the-clock work at an incredible intensity.

The finance director of Barratt Developments is referring to four months spent renegotiating the housebuilder's finances, at a time when the UK property market had nosedived.

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