Online focused geographic information processing and modelling company Blom ASA (OSE: BLO) updated on its financial situation yesterday after market close. The mapping technology firm said that it has had a very difficult fourth quarter and is expected to report a loss of 176 million NOK. This includes numerous write downs on financial assets and deferred tax. These will result in a negative equity.
Blom says it is in dialogue with bondholders for longer term financing and is also evaluating a proposal for restructuring the balance sheet. It said that it expects to have sufficient liquidity until a solution can be found. Blom will hire a financial advisor to assist in the matter. The stock lost more than half of its value today, although to be fair there wasn’t an awful lot of it left to begin with. Fourth quarter result is expected tomorrow.
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