Hovnanian gets waivers of loan covenants

By Sara Rosenberg

New York, Feb. 4 - Hovnanian Enterprises, Inc. obtained loan waivers regarding the consolidated tangible net worth, fixed-charge coverage ratio and leverage ratio covenants, according to an 8-K filed with the Securities and Exchange Commission Monday.

The waivers were affective as of Jan. 31 and expire on March 14.

The company is in the process of working on an amendment to the covenants.

Hovnanian is a Red Bank, N.J.-based homebuilder.

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