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ECM Real Estate Investments Heads for Worst Week in 2 Years on Loss, Bonds
ECM Real Estate Investments AG slid for a sixth day and headed for its worst week in almost two years on concern a widening loss will hamper the company’s ability to restructure its debt after breaching bond covenants.
The stock tumbled as much as 6.8 percent today and traded down 3.2 percent at 136 koruna as of 9:45 a.m. in Prague. ECM has plunged 25 percent so far this week, heading for its biggest rout since the five days ending Sept. 19, 2008.
ECM fell 20 percent yesterday after saying first-half loss more than doubled. The company needs “significant additional funding” and there is “substantial doubt about the ability of the entity to continue as a going concern,” auditor Deloitte SA said in a preamble to the company’s statement late on Aug. 25.
To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net
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