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XL TechGroup, Inc. (XLT)

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Wednesday 16 July, 2008

XL TechGroup, Inc.

Update

RNS Number : 2338Z
XL TechGroup, Inc.
16 July 2008
 




Press Release

16 July 2008


XL TechGroup, Inc.

('XL TechGroup' or 'the Company')


Update


XL TechGroup (AIM: XLT) advises that it is in negotiations with Laurus Master Fund Ltd ('Laurus')

in connection with a reorganisation of the Company's assets and debt. 


Excluding interest, Laurus is owed a total of US$87.6 million under a series of five notes, with the

first note of US$24.9 million scheduled for repayment on 30 December 2008. The notes are

secured against the assets of XL TechGroup, including shares held in its various companies.

Negotiations to provide additional financing and/or reschedule the note obligations have not been

successful. Discussions with potential strategic investors and partners in the portfolio companies

of XL TechGroup have been impacted by deteriorating market conditions. Laurus has notified XL

TechGroup that it is now in default of its loan provisions and, as a result, the Company is

negotiating with Laurus regarding restructuring XL TechGroup and its associated debt. 


In light of the above, trading in the shares of the Company remains suspended.  Further updates

will be provided as events progress



This information is provided by RNS
The company news service from the London Stock Exchange
 
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