Feeds

European Micro Plc to go into liquidation

All part of EMH being stuffed

  • alert
  • submit to reddit

European Micro Holdings (EMH) is to liquidate its debt-ridden UK-based distributor European Micro Plc which is going to leave it without an operating business.

EMH, the broker of top brand computer hardware, has had major debts called in by a major shareholder. EMH is expected to default - which will mean it will lose its interest in American Micro Computer Center (AMCC). The debt call followed the NatWest bank cutting its exposure to the EMH.

EMH is liquidating EMP, becasue EMP's main lender in Europe - also NatWest - to temporarily freeze accounts for the outfit, and call in its loans.

To pay off the NatWest loan, European Micro Holdings co-chairman Harry Shields stepped in and advanced the $630,000 needed.

Shields has also pumped $625,000 into EMP to staisfy a loan to EMH, and another $618,000 to purchase EMP's inventory.

Yesterday EMH said Cheshire-based European Micro Plc, which has 20 employees in the UK, intends to go into liquidation in order to pay Shields and other creditors. ®

Related Stories

EMH - 'ability to continue is materially impaired'
Natwest loan cut floors EMH
Distie blames Y2K for selling too much

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.