UK’s Stoddard in Emergency Refinancing Negotiation
Kilmarnock, Scotland, December 27-- Five hundred jobs in the west of Scotland were put under threat on Christmas Eve when Stoddard International announced that it was in emergency negotiations with its bankers for short-term funding, according to the Times Online.
In a stock exchange statement, the company said: "The board is working toward a full refinancing of the company. At the present time the board cannot be certain that such a refinancing will be possible." Stoddard, which is Scotland’s oldest carpet-maker, has closed two factories in recent years.
