Cattle’s Bondholders Refuse Restructuring

On Wednesday, the investors having one third of the Company’s bonds refused to hold any talks with other creditors for the restructuring of the Company.

Before credit crisis in 2007, the shares of the Company topped 400p.

Cattles major funding came from Royal Bank of Scotland.

On Wednesday, the Company cleared that talks with other creditors will be continued to find an appropriate solution.

Forced by closing of the doors to the new customers last year, Cattle is looking for restructuring of its liabilities.

In April 2009, shares of the Company which traded over 200p in last summer were set aside at 6.88p. A scam has been surfaced in the Company when a whistleblower revealed major errors in the debts of the Company.

Deloitte had conducted the financial audit of the Company. Seven top executives of the Company have been removed, while the Chairman and the Chief Executive of the Company have resigned from their posts.

The Company said that to reach an agreement will be in favor of all parties.