Manufacturer reveals it has not received payment following sale of factory equipment
Manufacturing firm Versarien has revealed that it has not received part of the payment for plant and equipment sold to Korean company.
The Forest of Dean firm has been battling for survival for the last two years and as a result sold a number of assets,
In March Versarien announced the sale of its Korean plant and equipment to MCK Tech Co for a total consideration of £604,000.
In accordance with the sale agreement with MCK Tech, the Company has received £302,000 with the final instalment of £302,000 due in July
Versarien has been notified by MCK Tech that it is unable to make the final payment on the due date and Versarien has agreed an extension to on or before 31 October 2024 for MCK Tech to make the final payment.
The debt will incur interest at an annual rate of 10% and in the event of default the sale agreement provides for payments already made to Versarien to be retained by the company, with title to the assets remaining with Versarien.
In agreeing to extend the final repayment date, Versarien has taken account of MCK Tech’s reported business progress in CVD (Chemical Vapor Deposition) graphene applications.
