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VANTIS (AIM:VTS): Are the administrators close to falling into administration themselves?
Posted 04/06/10
Vantis, one of the UK’s leading accounting, tax, business recovery and advisory groups recently announced that, as part of its ongoing plan to reduce its level of debt, it is reviewing a number of alternative courses of action. About time some would say!
Alternative courses of action include progressing negotiations with potential investors as well as entering into preliminary discussions with its debt providers regarding a potential restructuring of the Company’s balance sheet to reduce the level of debt outstanding to a more suitable level.
Unfortunately negotiations with both investors and the Company’s banks are at an early stage which, given that net debt at the interim stage (31st October 2009), excluding finance leases & loan stock, amounted to £40.4m remains cause for concern. Equity was £34.3m leaving net gearing, excluding those leases and loan stock at 117%.
Vantis Business Recovery Services, in the guise of Nigel Hamilton-Smith and Peter Wastell are currently Joint Liquidators of Stanford International Bank Ltd. If new funding arrangements can’t be secured they appear to be running the risk of calling in the Business Recovery Experts themselves
This entry was posted 1 year, 8 months ago and was filed under Vantis.
