Cosalt agrees extension of short-term credit facility

Cosalt has agreed a further one month for repayment of the short term Â£1m credit facility provided by Oval.

The repayment is now due on 30 June.

Cosalt says it is continuing discussions with Oval owner David Ross, and with the group's pension trustees and its banks to secure a longer term financing solution.

Pending a successful conclusion of these discussions, the group is not yet in a position to publish its report and accounts for the 12 months to the end of December.

Cosalt says the board is continuing to focus on finding a solution to the longer term finance needs of the group and will make a further announcement as soon as possible.

Story provided by StockMarketWire.com

01/06/2012