secwatch.observer — SEC 8-K summary
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Issuer:     CULP INC (CULP)
CIK:        0000723603
Form:       8-K
Filed at:   2022-08-22T23:59:59+00:00
Accession:  0001564590-22-029858
Event type: other_material
Sentiment:  negative
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Culp amends credit agreement, waives EBITDA covenant for FY2023, imposes $15M liquidity minimum
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- EBITDA-to-interest expense covenant suspended for fiscal quarters ending July 2022, Oct 2022, Jan 2023, Apr 2023.
- New liquidity covenant requires minimum $15M of unencumbered liquid assets plus available revolver borrowings.
- Amendment fee of $5,000 paid to Wells Fargo; all other credit terms unchanged.
- Borrower reaffirms representations and warranties; certifies no event of default exists.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/723603/000156459022029858/0001564590-22-029858-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/723603/000156459022029858/culp-8k_20220819.htm
  HTML page:      https://secwatch.observer/filing/0001564590-22-029858

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