Crown Crafts obtains waiver of fixed charge coverage ratio breaches; modifies credit line excess availability to $7M

CROWN CRAFTS INC

CIT waives non-compliance with fixed charge coverage ratio for fiscal quarters ended Sep 29, 2024 and Dec 29, 2024.
Excess Availability requirement reduced to $7M from 50% of term loan outstanding; CIT may reverse on notice.
Letter agreement dated Jan 2, 2025 amends 2006 Financing Agreement between Crown Crafts and CIT Commercial Services.
Company avoided default on two quarters of covenant breaches; financial flexibility improved but reflects strain.

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