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Elcoteq shares 55% down on insolvency proceedings
Shares in Elcoteq plummeted after the EMS-provider announced it would apply for insolvency proceedings (controlled management under Luxembourg law).
Shares were down 55% standing at EUR 0.33 (GMT 08:15). However, shares had briefly gone down to a record low of EUR 0.21, reports Reuters.
Danske Bank, acting as an agent for a group of banks, decided to accelerate its outstanding revolving credit facility, which forced Elcoteq to apply for controlled management in Luxembourg in order to continue operations. (see related news).