Feeds

Elsa derailed by closed credit lines

Insolvency looms

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Elsa, the German graphics board maker, will decides this week whether or not it files for insolvency, following the withdrawal of credit facilities worth eur 38m on Friday, February 15.

A member of the loan syndicate of eight banks has also told Elsa that it will not extend credit facilities worth eur 10m when this line expires March 31, 2002. In addition it is expected to make an unspecifed payment to the syndicate by Friday - the sub-text is that it unable to make this payment.

Without credit, Elsa looks effectively paralysed. Unless a buyer turns up tout de suite, the company has little option but to set the insolvency wheels turning.

Under German law, the management board of the company has to resign, making way for a new team. The decision to liquidate, sell assets, or carry on business as usual, is made by this new team. Of course, the latter is contingent on the company's ability to secure fresh debt financing.

Elsa late last year stopped selling and marketing retail graphics boards in the US, withdrawing to its European redoubt. The Gloria and Synergy workstation lines were unaffected by the move

As well as graphics boards, Elsa produces several connectivity hardware products. Founded in 1980, the company employs 600 people. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.