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(Alliance News) - Chamberlin PLC on Friday said it has "regrettably" resolved to start an insolvency process, citing "increased pressure" as it loses further sales revenue and is unable to secure additional funding.
This comes after the specialist castings and engineering group, based in Walsall, West Midlands on Tuesday had its shares suspended from trading on AIM while it discussed its current position with creditors and major shareholders, after being issues with a winding up petition by its main power supplier.
Chief Executive Officer Kevin Price said: "Following the company's announcement on 7 May and the subsequent discussions with creditors, customers and shareholders, we do not have a funding solution that provides the necessary liquidity in the time we have available. On behalf of the board, I express to our staff, shareholders and all other affected stakeholders our deepest regret that we are having to take the very difficult decision to commence an insolvency process."
Shares in Chamberlin remain suspended.
By Sabrina Penty, Alliance News reporter
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