Coronavirus spurs Culp to amend credit agreement with Wells Fargo

As a proactive and precautionary measure, High Point bedding fabric maker Culp (NYSE: CULP) has entered into a sixth amendment to a credit agreement between the company and Wells Fargo Bank.  As a result of the uncertainty relating to the COVID-19 pandemic, including the unknown duration and overall impact, Culp has drawn down an aggregate of $20 million under the credit agreement. As of March 27, 2020, there were $20 million in borrowings outstanding under the agreement with an additional $10…