Tue, 16 Oct 2012 | BUSINESS SALE
Mining operator ATH Resources is being put up for sale after failing to find a refinancing solution.
The troubled business has five mines in Scotland and employs 330 people across its operations in Fife, Ayrshire and Dumfries and Galloway, and its head office in Doncaster.
But the business has hit difficult times and advisors from Deloitte are not hopeful of saving the firm without a sale. The accountancy firm has been requested to advise on "all restructuring options" available, but it is thought “unlikely” that shareholder value will be maintained ahead of the restructure.
Proposals are being welcomed from those looking to buy a business or invest in the future of ATH Resources.
A statement from the mining company's board said: "Consultations with key stakeholders, including the company's lenders, are continuing, but developments over the past week have led the directors to believe that the company is unlikely to attract the level of capital required to continue operating without a restructuring of the group.
"Given the level of liabilities within the company, it is unlikely that shareholder value will be maintained following any possible restructuring."
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