OREANDA-NEWS. June 17, 2010. Shares of XXI Century suspended from trading on AIM today

Today XXI Century (AIM: XXIC LN) reported it had requested AIM to suspend trading in its shares due to the developer’s inability to publicize its 2009 full year audited financials by the deadline of 30 June 2010. The suspension took effect from 7.00 a.m. London time today. The stated reason for the delay of the financials’ publication is the developer’s continuing struggle to restructure its debt with local banks and uncertainties related to the company’s financial strain.

Concorde Capital: after it restructured Eurobonds last summer, XXI Century does not seem to have advanced meaningfully with its bank loans restructuring and search for a strategic investor. We estimate that the company’s current cash flow from operations does not cover its interest expense. Unless the developer finds a strategic investor in the nearest months, it is under risk of turning into a non-going concern, especially given that in November this year it is supposed to pay out USD 20 mln to its note holders under bond amortization schedule.