aaiPharma says that it is “highly likely” to file for bankruptcy in spite of receiving an £11.3 million dollar tax refund, which it was planning to use as working capital.
The company failed on Friday to make an interest payment, but says its senior lenders have agreed not to take any action before a second deadline of April 30. Failure to make the payment by this new deadline will entitle the debt holders to declare the amounts owed immediately due and payable.
Furthermore, aaiPharma says it has entered into exclusive talks with a potential buyer about the sale of part of its pharmaceutical division. The exclusivity period lasts three weeks, but aaiPharma is still able to hold talks with other potential buyers.
The company’s share price closed down some 15% on the Nasdaq Stock Exchange yesterday at just $0.59, versus a 52-week high of $8.77 reached in the middle of April last year.