Cyberhost is working out a compromise with its creditors in a bid to restore the company to solvency.
Cyberhost`s listing on the JSE was suspended in March at the request of the board. The board, appointed a year earlier, was tasked with implementing a rescue plan for the company, which had been in danger of ceasing operations.
The company announced a day after the suspension that it was technically insolvent after a deal to acquire Exteq Realtime Systems collapsed and Cyberhost`s major asset was attached.
The aborted acquisition of 100% of Exteq, resulting in a change of control, would have helped Cyberhost get back on its feet.
Cyberhost MD Mark Weetman says the company is busy with a compromise with its creditors with a view to restoring itself to solvency.
It announced yesterday that it had appointed three new directors - Vladimir Stoliarov, Jack Human and David Nefdt-Epstein.
Weetman says the appointments were made in the interests of compliance with JSE regulations.
Share
