Ericsson risks covenant breach

Analysts fear Ericsson may breach financial covenants on a $600m bank facility as early as the second quarter of 2004. A default would have a knock-on effect on Ericsson’s bondholders, given that a debt restructuring would likely ensue.

Ericsson has a number of large debt repayments falling due in the next three years in both euros and Swedish kronor: this year Skr11 billion (€1.2 billion) must be repaid; a €650m bond falls due in July 2004; and most importantly Skr18.6 billion (€2

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