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12-Nov-2009 11:01 AM

Aero Inventory calls in the administrators

Aero Inventory announced it has exhausted avenues for securing working capital and has appointed administrators from KPMG, after its banks stated they would not provide additional short-term funding (Reuters, 11-Nov-2009). The company has been attempting to resolve accounting and stock reconciliation discrepancies, and reviewing the accuracy of its financial reporting to its banks, since late Oct-2009. It was also talking to its banks over financial support. Trading in the company’s shares was suspended on 26-Oct-2009 and it appointed a new acting CEO, Finance Director and Chief Operating Officer.