When it rains, it pours. ECM REI had to put out an announcement explaining that its website’s disappearance had been caused by unidentified technical errors caused by its service provider. Too many hits, perhaps? Bloomberg reported that the company’s share price finally rose yesterday after a five-day slump on news that bondholders had agreed on a restructuring consultancy (Ernst & Young).
While that’s at least positive, higher up on the same webpage, there’s news about Liverpool football club’s loan default agony and further wranglings over the demise of Lehman Brothers.
Today’s news, that ECM has delayed payment on a euro bond coupon, won’t come as a surprise, nor will its explanation that the decision was taken in light of ongoing restructuring talks. A vote on the new plan is scheduled for November 4.