Venue Solutionsí 74%-owned subsidiary YourDay Inc has filed for Chapter 11 bankruptcy protection in the US.
This will protect YourDay Incís assets. YourDay UK continues to trade.
Venue Solutions has come to an agreement with the liquidators of its former trading subsidiary. It will buy back equipment and take on a £197,000 debt due from YourDay UK. The total payment will be £32,500. An initial £2,500 will be paid and the rest is conditional on a fundraising happening by the end of January 2010.
Merchant John East replaced Arden as nominated adviser and broker on 18 September 2009.
The shares were suspended on 8 May at 0.53p a share, which valued Venue Solutions at £370,000. Since then more shares have been issued so the market value is £670,000.
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