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.

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