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Finance NewsCar firm ION appoints administrator5:41 PM December...

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    07/12/04
    18:26
    Post #: 694661
    Finance News

    Car firm ION appoints administrator
    5:41 PM December 7

    Australian car parts company ION has appointed a voluntary administrator after it lost the support of its bankers.

    ION supplies parts to car manufacturers Ford and Holden, distributes oil and gas throughout Australia and performs aviation refuelling.

    The company has been suspended from the Australian Stock Exchange following the appointment of the administrator.

    ION says the decision by the bank to withdraw the company's main lending facility means ION will not be able to pay for its capital expenditure program.

    The company was also due to execute the sale of its energy services business for a substantial profit today.
    Source: ABC
    ION Price at posting: 0.0¢ Sentiment: None Disclosure: Not Held
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