Taylor Wimpey, the U.K.-based parent company of Taylor Morrison, has gained yet another reprieve from its many lenders, who have agreed to wait until April instead of March 31 to test its financials for lending covenant violations.

The huge builder, formed in July 2007 from a merger of U.K.-based Taylor Woodrow and George Wimpey, would clearly fail the test, which was originally scheduled for January, causing it to breach its interest cover covenants and putting it into default.

Taylor Wimpey has been negotiating with its lenders, trying to figure out how to recapitalize its debt for months.

On March 4, the company announced its discussions with its bankers, private noteholders, and the bond holder committees representing 70% of the company's two trenches of Eurobond debt "are at an advanced stage and continue on a constructive basis."

"The company now expects to successfully conclude this process in April, following the completion of a formal three-week bond holder approval process."

The company closed down .25 pence March 4 at 18.25 pence. The company's stock is worth about 5% of its 355.75 pence price in July 2007.