Cash crisis grips Sutton Trading Solutions
04 July 2002 | 803 views | 0
Sutton Trading Solutions, a US-based provider of online dealing services, has filed for bankruptcy protection at its Czech outpost Sutton Data Services and laid off the majority of staff at principal subsidiary Sutton Online as it makes a last-ditch bid to attract new funding or fold the company.
Sutton revealed the extent of the cash crisis facing the company on the eve of the US Independence Day holiday.
The firm says it has sufficient cash on hand and good receivables to continue operations for approximately one month. If it is unable to raise additional funds, the company says it will have to consider alternatives "including a sale of its assets and/or a termination of its business".