News

XXI Century slumps on money worries

31 October 2008 11:45:00

A warning that it may not be able to meet its financial obligations sent Ukraine real estate company XXI Century Investments lower again Friday.

Things have got worse since its interim results published late September, with the firm experiencing "significant working capital constraints" due to the global financial crisis.

It is negotiating the sale of operating properties, non-core assets and business segments to meet financial commitments, and is also looking for potential investors.

The company is slashing its workforce by 30%, but may still fail to meet "certain significant debt related commitments," it warned.

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