Romag: close to deal with bankers

Specialist glassmaker Romag has confirmed it will report a loss to the City, but that it remains upbeat after slashing its debt and retaining a healthy order book.
The company, based near Consett, Co…

Specialist glassmaker Romag has confirmed it will report a loss to the City, but that it remains upbeat after slashing its debt and retaining a healthy order book. The company, based near Consett, County Durham, UK, has postponed the announcement of its preliminary results for the period ended September 30 until it agrees a new financing deal with the bank. It was able to confirm that it has reduced debt by about GBP 2.2 million and has an order book, which it said remains strong. However, exceptional costs of GBP 6 million, caused by a dispute with one of its suppliers, has forced Romag, which makes solar panels and bullet and blast-resistant glass, to make a write-down on the value of its stock. Romag said it expects the new banking deal will include a commitment fee and an increase in the overall cost of its borrowings. It has appointed broker Altium Capital Ltd. to assist in the negotiations with its equity investors and Lloyds Bank.