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Optare

  • BY: Andrew Hore |
  • POSTED: 29/10/2009 |

Bus manufacturer Optare’s bank facilities have been extended until 28 November 2009 and it says that negotiations over new facilities are at an advanced stage.

Optare breached certain covenants for its borrowings but the bank kept its facility in place until 29 October 2009.  The covenant waivers remain in place for a further month

Net debt was £10.6m at the end of June 2009. Since then Optare has raised £8.6m from a placing at 7p a share but it has been losing money as volumes decline so there will have been a cash outflow since June. 

At 7.75p a share, Optare is valued at £18m.

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