Engineering firm Cosalt suspended its shares yesterday after failing to publish its annual accounts.
The company said it was not yet in a position to file its report for 2011 because it was still in talks to secure long-term funding with major shareholder and chairman David Ross, its pension trustees and its banks.
Cosalt, which employs 250 people at its Aberdeen-based offshore division, said Mr Ross had agreed to extend a short-term £1million credit facility until the end of this month while the company finds a solution to make sure it has enough working capital to sustain the business.
Earlier this year, Cosalt shareholders voted to keep the company publicly listed after coming out against Mr Ross’s proposal to take it private.
The chairman had argued that continuing a public listing cost the company £500,000 a year.