Superglass hit by housing slump
Published: 07 September, 2011
STERLING: Superglass reported that the collapse of the UK housing market has meant its full year performance would be below expectations. Its debt has risen to £17.7m.
The company may be in danger of breaking its banking covenants unless it can restructure its debts and raise more cash.
Meanwhile, the company has agreed a temporary deal with Clydesdale Bank and will look to pass a debt for equity swap with its shareholders. A meeting is due to take place later on this month.