Barclays agrees to give Harland breathing space
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BARCLAYS BANK is believed to have agreed to extend the borrowing facilities it provides to Harland Simon after a meeting with the troubled control systems group yesterday, writes Paul Durman.
Barclays plunged Harland into crisis last week by refusing to release the proceeds of the pounds 8.1m sale of its Vickery's subsidiary. The bank was concerned about Harland's overdraft which, at around pounds 15m, is roughly twice the size of its last declared net assets.
Harland was forced to ask the Stock Exchange to suspend trading in its shares, 'pending a clarification of the company's financial position'. Harland may become one of the few companies to come back from such an announcement, which is often followed by the appointment of receivers or administrators. Barclays may continue to hang on to the proceeds but will roll forward the existing facilities.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments