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AEA secures short term loan

Sustainability consultants AEA Technology Group has secured a short term funding facility of £5m as it aims to overcome its financial woes.

The facility with Lloyds TSB Bank, which had been agreed in principle, has now become formally operational to supply funding until the end of October 2012, the company said in a statement published on 6 August.

The news follows AEA reporting an “overwhelming” pension liability and an operating loss of £35.4 last week.

The company said it was considering a sell-off of all or part of the group’s businesses and assets to enable a financial restructuring plan and meet its liabilities.

The £5m facility will allow the company to follow this strategy.

AEA said that it was in “ongoing discussions with a number of interested parties” and was considering all strategic options to realise value in the company.

It added that it did not expect offers for the share capital of the company, which the board said would result in little or no value for shareholders.

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