ELSA is bankrupt?

It looks like bigger European companies that have "brand" name, marketing channels, technical support, strong R&D team and so on are going either to cease to exist or to become a part of different corporations. We still remember how Hercules become the part of Guillemot in late 1999 and we have examples of Creative Labs, ATI, ELSA, Matrox and several others who now outsource their products to third manufacturers.

In fact, that`s it for ELSA. The credit facility provided to ELSA AG by seven members of an eight bank banking pool have been suddenly terminated for February 15, 2002. The credit volume terminated amounts to approximately 28 Million Euro. One bank and pool member additionally notified the company that the credit facility of 10 Million Euro, provided until March 30, 2002, will not be extended. In case of a repayment of the companies other credits to the pool the bank also expects a loan repayment by February 15, 2002.

Negotiations with the banks about a credit buyout through a third party investor have failed, despite intensive arbitration attempts also of the banking pool leader. Funds for a return of the outstanding credits are presently unavailable. Going concern of the company is therefore unsecured. The management board is evaluating its obligation to initiate insolvency proceedings.

The reason for the banks to suddenly cancel credit lines seems to be the fact that ELSA`s revenues for the last quarter were down 22% in comparison to the same period of time a year before and only reached 51.7 million Euros. However, as it is not confirmed by any officials, we should not take it as the main cause.

Keeping in mind the fact that ELSA`s market capitalization at the end of the fourth quarter was 19,24 million Euros according to this report, whereas the company will have to pay 28 million by Friday, 15 February and then another 10 million Euros by March 30, we can only expect them to to apply for insolvency procedures.

Ne pretiravaj, jetam. Link bi pa res lahko bi zraven, ja.

Jack:
Nekdo je moral napisati ta članek in prav noben kunšt ni dat zraven linka oz še bolje napisati par vrstic svojega teksta in dodati link. Tole potem spominja na slo-tech v slo-techu. Odpirati stotine tem namesto da se prijavi za pisuna...

Ali pa Mortal nisi sposoben napisati nekaj svojega...