But a rights issue will be necessary, and it would be better to make this clear now. The company, with a fleet of vessels one of the largest offshore service providers in the world, has been in financial distress since the oil price dropped in and it is highly unlikely that the company will be able to secure million US dollars.
The directors have persistently underestimated the weakness of the company. Being an entrepreneur is seductive.
Now I write about them, and about finance and economics generally. They get stuck when they hit a roadblock. Access to real professionals that have been in your shoes before, have seen it all and can advise you.
I made some really big mistakes in my first company and nearly drove the business and myself to bankruptcy. It is effectively insolvent.From the Hansard archive To-day appeals are coming in all the time from these men, who are on the brink of bankruptcy, and something needs to be done quickly. Share to facebook Share to twitter Share to linkedin The giant British outsourcing firm Interserve is on the brink of collapse. Without that, cost-cutting will simply drive the company into terminal decline. And I want to pass that message on. So far, projects totalling a worth of 50 billion US dollars have been sanctioned this year. I could have laid down and died. From the He said that every city is on the brink of bankruptcy. Not a bad start! The plan was confirmed in February. From the We cannot deal with the problem only when ports are on the brink of bankruptcy. Coltrane wants to replace the entire Board except for the CEO. But in March , the company agreed a substantial new financing package. Bring it on.