The principal financier of CEC Group Limited (ASX: CEG) sent a Demand dated 9 May 2011, for payment of all funds due to be paid by Tuesday 10th May 2011.
CEC Group will not be in a position to repay the debt to the principal financier by close of business on 10 May 2011. A proposal, including the employee buyout of certain businesses, has been again put forward for the bank�s consideration, and CEG is awaiting a response to that proposal.
The principal financier may appoint a Receiver, Receiver & Manager or Mortgagee In possession on Wednesday the 11th May 2011, or at a later date, however it is hoped that the principle financier will consider the alternate proposal. ENDS
For further information regarding this announcement, please contact: Mr. Roy Lavis CEO (07) 4035 3500 For more information on the CEC Group, please visit www.cecgroup.com.au
CEG Price at posting:
8.0¢ Sentiment: ST Sell Disclosure: Held
