News blog
XL TechGroup Inc
- BY: Andrew Hore |
- POSTED: 16/07/2008 |
- COMMENTS: Add yours
Financial problems continue for XL TechGroup Inc.
XL owes Laurus Master Fund Ltd a total of $87.6m under five separate loan notes. The first of these, worth $24.9m, is due for repayment on 30 December 2008.
The notes are secured against assets of XL, including shares in the individual companies it has developed. XL has tried to renegotiate the terms of the notes or raise more cash but it has been unsuccessful. Poor market conditions haven’t helped.
XL has defaulted on its loan provisions and it is trying to come to an agreement with Laurus about a restructuring of XL and its debt.
The shares were suspended on 26 June at 13p each, which values XL at £6.71m.
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