London Clubs denies debt crisis
London Clubs International suffered a 31 per cent share dive this week after reports that its banks had failed to back a rescue rights issue, according to the Financial Times.
However, London Clubs said that the company had not had any discussions with key investors regarding raising equity since December 2000.
The company accumulated a debt mountain of £225m after pouring investment into Aladdin, which filed for bankruptcy protection in November.
London Clubs capped its exposure to Aladdin in November when it extricated itself from all financial obligations to the casino. It is pursuing debt restructuring talks with its lenders and insists its financial situation has not worsened.
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