Bravo Brio gets more time to fix finances

Bravo Brio has received an extension on a waiver for defaulting on its credit agreement.

The Columbus-based Italian restaurant chain violated its credit agreement last month and had until Friday to find a fix. The company’s creditors gave it an extension to Aug. 25 to allow the company to renegotiate the terms of the credit agreement.

Bravo Brio reported a $73 million loss in its first quarter and took out several loans in the second quarter to meet financial obligations. Those loans triggered a breach of a leverage ratio that measures the company’s debt and lease obligations to earnings. to secure a seat on the board at Procter & Gamble, seeking faster changes at the consumer products company.

Peltz’s Trian Fund Management LP, which owns about $3.3 billion worth of Procter & Gamble Co. shares, said Monday that Procter & Gamble’s financial performance over the last 10 years has been disappointing.

David Taylor was named CEO of the company two years ago and P&G under his lead has attempted to transform itself, focusing on its bigger brands with growth potential. The Cincinnatibased company has already shed some of the smaller brands it says collectively contribute little to its operating profit.

But that has hurt sales, which have declined over the past three years, and the company’s share price.

Trian said that it’s not looking to break up P&G, replace Taylor or remove other board members.