SUPPORT SERVICES group Siteserv is in talks with the Irish Bank Resolution Corporation – formerly Anglo Irish Bank (IBRC) – over debts due for repayment at the end of this year.
Reports last weekend suggested the company was likely to be sold for less than its €150 million bank debt.
The company issued a statement yesterday saying it is “exploring a number of strategic and corporate options for discussion with Irish Bank Resolution Corporation in advance of expiration of its existing debt facilities in December 2012”.
It added it was not possible to predict the outcome of the exercise or quantify its impact on shareholders.
“However, the exercise is not expected to have any negative impact for staff, customers, key business relationships or suppliers,” the statement said.
It pointed out the company renegotiated its loan agreements last year and extended its repayment date to December 31st, 2012.
Siteserv earned operating profits of €8 million last year, with €4.8 million of that coming from its British businesses.
The company provides support services to the building, energy and telecoms industries in Ireland and Britain.
Its clients include TV and internet providers BSkyb and UPC.
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