Not dead yet!13 Aug 2009 12:33
followthebulls
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"a spokeswoman said its banks Lloyds TSB and Svenska Handelsbanken have granted it a short-term waiver "with the intention of determining the appropriate way forward".
Shares suspended as Dyson misses deadline
By John Collingridge
SHARES in high-tech materials company Dyson Group were last night suspended after the company failed to report its 2008 figures on time and crossed a banking covenant test threshold.
Dyson added it was cutting jobs and imposing short-time working in a bid to save cash – but did not specify how redundancies would be made.
The Sheffield-based company, which makes materials to increase the efficiency of vehicles' catalytic converters, has been hammered by falling volumes as a result of the car industry's woes.
It has already warned of a loss this year, plus a raft of impairment charges which will drive down the value of its assets by at least £33m.
Dyson needs the support of its banks before its results for the year ending March 31 can be signed off.
The group failed to meet yesterday's banking covenant test date, putting it in breach of its covenants. However, a spokeswoman said its banks Lloyds TSB and Svenska Handelsbanken have granted it a short-term waiver "with the intention of determining the appropriate way forward". Dyson's last reported net debt figure was £35.6