Eatonfield buys more time

DISTRESSED Tarporley-based property developer Eatonfield has said that it remains in talks with its bankers over a renegotiation of its loans – some of which fall due at the end of the month.
 
The firm, which has been struggling since one of its banks withdrew support earlier this year, had told the city that it would have enough working capital to see it through until the middle of this month following a series of cash injections by property firm Jenard (a joint venture partner on a project in South Wales).

However, it issued a statement yesterday that its existing funding was sufficient to last another four weeks until mid-October.

It also said said that it was “seeking to raise additional equity funding which, due to Eatonfield’s current share price being below the nominal value of one penny per ordinary share, will require a capital reorganisation”.

“The board is also progressing a range of strategic options to secure the Group’s longer term future and further updates will be provided at the appropriate time.”