Forge suspends trade & calls in administrators

Company News

Embattled mining services group Forge Group Limited (ASX:FGE) has suspended the trading of its stock on the ASX and called in administrators.
 
Today’s announcement comes after Forge yesterday advised its financiers have withdrawn support, understood to also include its principal lender ANZ Banking Group (ASX:ANZ).
 
The bad news began in November 2013 when Forge shares crashed more than 80 per cent after revealing a $127 million write-down and flagging a full year loss of up to $90 million.
 
Forge has told the market today its directors are working with the administrator and considering options for the restructure of the company.  
 
Shares in Forge Group hit a high of $6.91 last year but have sank steeply since and last traded at 91.5 cents on Monday 10, February.
 
Forge Group reported a net profit of $62.9 million in the 2013 financial year.