UTi Worldwide says breaches covenants, to report quarterly loss

Reuters

Feb 26 (Reuters) - Logistics company UTi Worldwide Inc said it had breached some debt covenants and would report a loss for the fourth quarter due to lower demand for air freight and higher costs.

UTi also said it would have to raise about $525 million in additional capital to pay off debt of at least $400 million that could come due in April.

The company estimated a loss of 33-38 cents per share for the fourth quarter ended Jan. 31. ()

Analysts had expected a profit of 6 cents per share, according to Thomson Reuters I/B/E/S.

UTi's shares fell 20 percent in premarket trading on Wednesday.

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