March 1 (Reuters) - Shares Of Arise Technologies Corp lost as much as a fifth of their value on Tuesday, a day after the solar technology company was unable to meet the conditions set by German bank Commerzbank AG to secure a loan extension.
Arise, which owed the bank about 20 million euros at the end of last year, had to secure funds for a third production line at its German photovoltaic cell facility by Feb. 28, to get the loan extended till end-2011.
According to an agreement with Commerzbank, if Arise Technologies failed to meet the condition, the bank had the right to sell off the company's German production plant.
The Ontario-based company's shares, which have lost nearly 40 percent of their value in the last three months, were trading down 10 percent at 13 Canadian cents. Earlier, they touched a low of 11.5 Canadian cents.
(Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila) Keywords: ARISE/SHARES (aftab.ahmed@thomsonreuter.com)(within U.S. +1 646 223 8780)(outside U.S. +91 80 4135 5800)(Reuters Messaging: aftab.ahmed.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Arise, which owed the bank about 20 million euros at the end of last year, had to secure funds for a third production line at its German photovoltaic cell facility by Feb. 28, to get the loan extended till end-2011.
According to an agreement with Commerzbank, if Arise Technologies failed to meet the condition, the bank had the right to sell off the company's German production plant.
The Ontario-based company's shares, which have lost nearly 40 percent of their value in the last three months, were trading down 10 percent at 13 Canadian cents. Earlier, they touched a low of 11.5 Canadian cents.
(Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila) Keywords: ARISE/SHARES (aftab.ahmed@thomsonreuter.com)(within U.S. +1 646 223 8780)(outside U.S. +91 80 4135 5800)(Reuters Messaging: aftab.ahmed.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2011 AFX News
