The Oslo Stock Exchange suspended trading of shares in ailing industrial giant Kværner before it opened on Monday
The Oslo Stock Exchange suspended trading of shares in ailing industrial giant Kværner before it opened on Monday.
Kværner officials asked for the suspension as they feverishly tried to rescue the company from bankruptcy. Key executives and major shareholders worked through the night and kept at it early Monday morning, trying to stave off bankruptcy for Kværner, which has lurched from one crisis to another for months.
Chairman Harald Arnkværn said early Monday that he was optimistic that a bail-out plan would be hammered out. Board members, top executives, major shareholders and Kværner's bankers must agree on a plan to maintain liquidity and meet payroll for the company's 35,000 employees.
Rolf Utgård, who represents employees on the Kværner board, also said earlier Monday that he thought a workout plan would be approved. Talks went on at Den norske Bank's offices in Oslo until 3:30am, and resumed just a half-hour later.
Most were expecting Kværner's new major shareholder, Yukos Oil of Russia, to put up the money needed to avoid collapse. Yukos has a 22 percent stake in the engineering and construction company