600 Group PLC - West Yorkshire, England-based manufacturer and distributor of machine tools, precision engineered components and industrial laser systems - On Monday, 600 noted talks continue with a US based mid-market private equity firm over the possible sale of a majority interest in the business and assets of the group's wholly owned TYKMA Electrox and Control Micro Systems industrial laser businesses. However, it agreed to terminate, without penalty and with immediate effect, the binding period of exclusivity between the two parties.
On Thursday, says the US firm has now received a notice from Bank of America of default and demand for payment in full of the company's now expired and fully drawn USD5.5 million facility by December 15. Says it remains in talks with the lender in respect of an extension to the facility, which it is not currently in a position to repay. Adds that it is also in discussions with other financial institutions with regard to other potential funding alternatives.
Current stock price: 2.76 pence
12-month change: down over 99%
By Sophie Rose, Alliance News senior reporter
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