A former Commonwealth Bank managing director of business lending, Joanna White, has been appointed chief executive of SME lender Axsesstoday Ltd. She takes over as the company is overhauling its capital structure and governance controls in response to breaches of its debt covenants.Axsesstoday has been operating since 2012. It is a specialist SME lender, focusing on the hospitality and transport sectors. Last year it took steps to increase its funding base but it appears to have executed the process with some unintended consequences.In May, it set up a securitisation warehouse facility with A$200 million in senior bank funding provided by Macquarie and a total capacity of $285 million.In June, it launched a simple corporate bond offer, raising $55 million, with the proceeds to be used to support loan growth and repay existing borrowings.The issue was for a term of five years paying a floating rate set at a margin of 490 basis points over the 90-day bank bill swap rate. Evans Dixon Corporate was the arranger and joint lead manager with Shaw & Partners.In August, it reported strong financial results, with EBITDA growth of 130 per cent to $26.3 million and net profit growth of 94 per cent to $7 million. The loan book increased by 100 per cent during the 2017/18 financial year and stood at $336 million at June 30.Credit losses were 1.6 per cent of net receivables.The financial report noted that "increased funding facilities from financiers reduced funding costs and provided an efficient funding structure". However, in November the company disclosed that it had breached covenants under its syndicated facility, subordinated note and Series 2 note agreements. The chief executive Peter Ferizis resigned and the dividend payment was cancelled.Axsesstoday said it was working on a revised capital management plan, including raising equity capital, to ensure compliance with its debt facilities and it had cut back origination volumes.By the new year it reported that external legal counsel has been engaged to provide guidance on the company's ongoing compliance with its funding agreements. It has recruited a compliance manager and is in the process of recruiting a general counsel.It plans to put resolutions to creditors to revise its covenants to make them more flexible.