Taylor Wimpey RNS

As per yesterday's post, TW have announced:

• They are raising equity, probably via a placing and open offer. No surprises there.
• They have renegotiated their financial covenants, to remove the EBITDA interest cover requirement, and replace it with one based on operating cashflow. Good - they had essentially no chance of meeting the EBITDA cover.
• They will write-down assets by £660m. Suspect this is just the first of many write-downs.

http://production.investis.com/taywim/regulatory_news/rnsitem?id=1214805927nRnsd8167X&t=popup

So no surprises there. This is a good first step to TW's survival of a UK recession. Now we need to see how much cash they can generate over the next 6 months.