Seven banks in a syndicate led by ANZ have agreed to restructure their facility agreement with the engineering services company Hastie Group.Hastie announced last week that its banks had executed a revised syndicated facility agreement. Under the new agreement, covenant testing has been pushed back from the June half of the current financial year to the first half of the 2012/13 year.Cash advance facilities have been maintained, but guarantee facilities (including performance and payment guarantees) have been reduced.When the facility agreement was put in place last June it included a A$146 million term debt facility, a $113.9 million revolving credit facility and $300 million of project bonding and letter of credit facilitiesHastie reported a $159.5 million loss for the December half. The biggest contributor to the loss was a $142 million charge for a number of significant items, including sizeable doubtful debt provisions, goodwill write-downs and close-down costs.As a result of the loss Hastie was not in compliance with certain of its banking covenants. Each financier was entitled to demand or accelerate repayment and, as a consequence, $156 million of loans were reclassified as current liabilities. Due to the reclassification, Hastie's current liabilities exceeded current assets by $140.4 million at December.In its statement on Wednesday, Hastie said it "continues to experience difficult trading conditions both internationally and in Australia."Hastie chief executive Bill Wild said the revision of the facility took several months to complete because "different syndicate members had different interests"."Some of them have given more of a guarantee than debt, while others have put in more debt," he said.