Corvid Logistics At risk No new money
Regional trucking and logistics · Loan + revenue share · $9.0M deployed · Last report Oct 8
Covenants
1 of 4 breachedTightest: DSCR, breached by 28.3%As of Sep 30 · monthly, certified quarterly
Debt service coverage
Breached
- Required
- Actual
- ≥ 1.20x
- 0.86x
Over the limit28.3%
- Breached for the second quarter in a row.
- Earnings must rise about $0.8M to cure it.
Net leverage
Passing
- Required
- Actual
- ≤ 9.50x
- 8.40x
Room left11.6%
- Earnings can fall $0.2M before a breach.
- Breach likely next quarter if volume keeps falling.
Equipment spending
Passing
- Required
- Actual
- ≤ $1.0M / yr
- $0.7M
Room left30%
- $0.3M left this year.
- Truck sales do not count against the cap.
Interest coverage
Passing
- Required
- Actual
- ≥ 1.25x
- 1.62x
Room left29.6%
- Earnings can fall $0.5M before a breach.
- Holds only while truck sale proceeds cover interest.
Compliance certificates
- In draft, breach shownQ3 compliance certificateDue Nov 14 (45 days after quarter end)
- AcceptedQ2 compliance certificateFiled Aug 14, waiver granted
- AcceptedQ1 compliance certificateFiled May 13
What could change this
- An IC override would be needed to fund the $0.31M payroll gap on Nov 11.
- Selling the remaining 9 idle trucks could raise about $0.7M by January.
- If the two lane re-prices slip past December, the DSCR stays below 1.0x through Q1.
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