Elcoteq (OMX: ELQAV) has now filed the application for controlled management under the laws of Luxembourg which it said it would do when revolving credit facility lenders accelerated the outstanding RCF loan that Elcoteq was unable to pay in time. Elcoteq is up more than 20% as speculators are buying in.
Elcoteq says that business operations are severely damaged as a result of continuing enforcement actions against the company by RCF lenders. In a desperate looking move, Elcoteq says that its Board is investigating the legality of the actions of RCF lenders towards Elcoteq since 2008.
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