LONDON (Alliance News) - REACT Energy PLC Monday said its subsidiary, Kedco Fabrication Ltd, has entered into creditors' voluntary liquidation following shareholder and creditor meetings held on September 29.
The total amount of net debt owed by Kedco Fabrication to creditors is GBP1.5 million, of which GBP1.4 million is owed to REACT.
As from September 29, the balance sheet of Kedco Fabrication will no longer be consolidated into REACT's reported results, it said.
The Directors of Kedco Fabrication are Gerry Madden and Brendan Halpin, who are also directors of REACT.
On September 12, Kedco was informed it would not have a future as an engineer, procure and construct provider for the Newry Biomass project in Northern Ireland, by the Directors of Newry Biomass Ltd, leading to REACT organising the meeting with shareholders and creditors to seek liquidation of the company.
REACTs shares were untraded Monday. The stock last traded at 16.00 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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