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Cygnal in financial dire straights

Briefs | 11/06/2007 3:06 pm EST

Cygnal Technologies Corp. has announced that it is negotiating with one its principal lenders regarding debt owed and continued access to financing from that particular lender under a credit facility due January 2008. The lender has already indicated that it is unwilling to extend the maturity date of the credit facility, unless the company opts to sell certain assets or reduce operations. "Cygnal is engaged in discussions with other parties regarding strategic alternatives, including the refinancing of Cygnal's existing secured debt, the sale of an equity interest in Cygnal and a sale of the entire company, and is reviewing other options," reads a statement.

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