WELLINGTON, Feb 14 (Reuters) - Fletcher Building Ltd Chief Executive Ross Taylor said on Wednesday that the company's flagged breach of its finance covenants was not related to missing payments.
Fletcher said it expected its embattled commercial building unit to post a NZ$660 million ($480.2 million) loss, breaching its financial covenants. "It's an accounting provision and because our covenants are based on accounting provisions that triggers the covenant," Taylor told Reuters.
The company was not planning to sell off any assets or raise equity, but it would wind down its embattled building and interiors unit, he added.
(Reporting by Charlotte Greenfield; Editing by Stephen Coates)
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