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STOCKS NEWS EUROPE-Swissmetal slumps on liquidity issues
July 8, 2011 / 9:50 AM / 6 years ago

STOCKS NEWS EUROPE-Swissmetal slumps on liquidity issues

Shares in specialty metals group Swissmetal SMET.S tumble 26.3 percent as investors fret about whether it could soon run out of cash to fund operations.

The group, which focuses on specialty products made of copper and copper alloys, has failed to reach an agreement with its creditors and is in talks with unions about possibly cutting 290 jobs, nearly half of its workforce.

“The company has its back to the wall,” one trader says. “The investors want out,” he says.

British activist hedge fund Laxey Partners holds nearly a third of the group.

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