Primacom Warns Future In Doubt; May Run Out Of Cash In 4Q
FRANKFURT (Dow Jones)--German cable-television company Primacom AG (PCAGY) Tuesday warned that it may run out of cash as soon as the fourth quarter, adding that this raises substantial doubt about its ability as a going concern.
"The company does not anticipate that operating cash flows...will be sufficient to meet (debt repayment) schedule and therefore may run into liquidity problems in the fourth quarter of 2005 or the first quarter of 2006," Primacom said in a U.S. Securities and Exchange Commission filing.
Primacom, which has almost EUR1 billion of debt, said it will be required to make debt repayments of around EUR57 million in the next 12 months, on top of further debt liabilities under a senior debt facility.
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August 16, 2005 12:28 ET (16:28 GMT)