Struggling property services firm Erinaceous said this morning it had delayed the announcement of its interim results because it was still in crisis talks with its bankers.
The property one-stop-shop said it had not yet concluded discussions with its lenders over breaches of its banking covenants.
In a statement to the Stock Exchange Erinaceous said: ‘The board of Erinaceous now intends to announce its interim results as soon as possible but in any event no later than 28 September 2007.’
Erinaceous shares dropped 10% on opening this morning to 52p.
Yesterday it said it was discussing possible ‘waivers’ and ‘facility amendments’ relating to its debt.
It said it had agreed a five-year revolving credit facility with these banks in July 2006, at an interest rate of 1-1.25% above the London Inter-Bank Offered Rate (LIBOR).
The liquidity crisis in credit markets has seen three-month LIBOR shoot up to ten-year highs. The interest rate on loans pegged to LIBOR is adjusted every three months, in December, March, June and September.