Ross extends repayment of £6m for Cosalt
The chairman of Cosalt has extended the repayment date of a £6 million facility he has provided to the troubled offshore services group.
David Ross, a major shareholder, has agreed with the board that the money - provided through his company Oval - will now be due for repayment at the end of the year.
This coincides with the date to which the Grimsby-based group’s bank facilities extend.
Advertisement
Hide AdAdvertisement
Hide AdA statement from the Cosalt said: “The company is continuing discussions with its lenders and the group’s pension trustees to secure a longer term financing solution.”
Cosalt said in May that margins and cashflow have been squeezed since the start of the year as it struggles to sort out its finances.
The company was brought to its knees by a heavy debt burden and alleged fraud.