Siteserv denies debt levels threaten its viability

IRISH infrastructural support services group, Siteserv has denied that its debt levels pose a risk to its viability.

The Dublin-headquartered company — which only last month reported a 9% year-on-year increase in first-half revenue to €92.2 million said, via a stock exchange announcement yesterday, it is “exploring a number of strategic and corporate options” with its chief lender, the Irish Bank Resolution Corporation (IBRC), in advance of the expiration of its existing debt facilities next December. The company only entered into this banking agreement in July.

Yesterday’s statement added: “At this stage, it is not possible to predict the outcome of this exercise, nor quantify the financial impact for shareholders.