SIMTRONICS PROVIDES UPDATE ON FINANCIAL SITUATION
Simtronics ASA today announced that the Board of Directors is exploring a number of alternatives, hereunder discussions with its main shareholder and DnB NOR, in order to resolve the Company’s financial situation. Simtronics will in the second quarter be in breach with its renegotiated bank loan covenants. Adding to a challenging market situation, Simtronics is currently experiencing delays in a major delivery in the Middle East. The combination of these events put pressure on Simtronics’ liquidity. The group will need approximately NOK 20 million in additional working capital. However,