McAleese still in quest for refinancing deal


Company suspends share trading again as SC Lowy negotiations continue

McAleese still in quest for refinancing deal
The company's voluntary suspension to remain in place until Monday.

 

Transport and logistics firm McAleese has once again pushed the date of a binding heads of agreement another week, with a decision expected on Friday.

"Negotiations between the company, its financiers and a consortium led by SC Lowy are continuing positively and documentation continues to progress," the company says.

While there remains no certainty that these negotiations will yield an outcome, execution of a binding Heads of Agreement is now expected to occur by Friday, 20 May 2016."

The company has suspended share trading for the twelfth consecutive week.

Earlier this month, McAleese indicated that any agreement will mean a dilution of the value of existing shareholdings including that of chairman and senior investor Mark Rowsthorn.

That news came after one of its main customers, Atlas Iron, gained a similar deal with its creditors.

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