After a long trend of appearing as one of the worst performers on the S&P/ASX200, Hastie Group Limited (ASX:HST) is restructuring its debt.
The building services group posted a gross bank debt of $274 million last year and, suspended shares in February.
But today News Ltd reports say the company has committed to extend maturity dates to full-year 2014 and 2015, and is in talks with Lazard’s private equity arm to invest equity issue.
Hastie will have to pay down a material amount of bank debt from proceeds of potential equity recapitalisation.
Hastie Group’s market capitalisation has fallen from more than $1 billion at the end of 2007 to around $57 million, with its shares last trading at $0.24.
In the first half of the 2011 financial year Hastie Group recorded a net loss of $94.3 million, falling from a profit of $22 million the same time a year earlier.
