Paramount Communications’ subsidiary offers CVA to unsecured creditors

16 Aug 2011 Evaluate

Paramount Communications, a wholly owned subsidiary of - AEI Cables, United Kingdom, (AEI) has offered a company voluntary arrangement (CVA) to its unsecured creditors under the UK Insolvency Act, 1986, which has been duly approved by the creditors. Through a CVA mechanism the company gained the support of its creditors and by that time the company had reduced its work force by 124 employees.

Further overhead savings have also been made as the company withdrew from the unpredictable house wiring market. Till date the business has traded at a loss, but from this point forward, the company is forecasting net profitability for the next 12 months and beyond.

Paramount Communications has rich experience in manufacturing quality specialized cables and wire which cater to the need of power, telecom, infrastructure and industrial sectors.

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