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• XL TechGroup (DI)

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Date: Wednesday 16 Jul 2008

LONDON (ShareCast) - XL Tech shares remain suspended today after the investor group said talks about reorganising its assets and debt have so far come to nothing due to terrible market conditions.

The troubled group owes Laurus Master Fund $87.6m under a series of five notes, with the first note of $24.9m scheduled for repayment at the end of this year.

XL wants to finance and/or reschedule its note obligations, secured against its assets, including shares held in its various companies.

“Laurus has notified XL TechGroup that it is now in default of its loan provisions and, as a result, the company is negotiating with Laurus regarding restructuring XL TechGroup and its associated debt,” it said.

The group’s shares were suspended almost three weeks ago.

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