Fri, 11 Jan 2013 | BUSINESS SALE
Offshore services group Cosalt is in talks to sell its two key operating businesses in a bid to reduce its heavy debt burden.
Heavy debt, alleged fraud, pension liabilities and insufficient working capital have all dragged down the group recently, forcing it to reassess matters.
The Grimsby-based firm has held talks with third parties about the workwear and offshore businesses it operates. It is also in discussions with its lenders and pension trustees to assess the best way forward.
A statement from Cosalt read: “There can be no certainty that any agreement will be reached, either with creditors regarding a solution to the group's financial position or with potential acquirers of the operating businesses.
“The directors remain focused on reaching a solution which will ensure the long-term future of both operating businesses; safeguarding jobs and ensuring continuity of service to customers and suppliers. The directors also acknowledge the important role of these two businesses within their local communities.”
Cosalt added that the level of the company's “indebtedness and pension scheme liabilities” makes it unlikely that there will be any value attributed to shareholders.
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