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.
12-Nov-2009 11:01 AM