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Esmark Triggers Uncertainty on Going-Concern Status
06/05/2008 - As required by NASAQ rules, Esmark publicly announces that it has been unable to refinance its debt on a long-term basis, raising substantial doubt regarding the company’s ability to continue as a going concern.
In a published statement, Esmark Inc. announced that it has been unable to refinance its debt on a long-term basis. This raises substantial doubt regarding the company’s ability to continue as a going concern.
This information had been included in the company’s Annual Report on Form 10-K, filed on May 20, 2008, as part of an explanatory paragraph from the company's independent registered public accounting firm. Management's plans concerning these matters are also included in the Form 10-K filing.
The Company issued this statement in connection with NASDAQ Marketplace Rule 4350(b)(1)(B), which requires any NASDAQ listed issuer that receives an audit opinion that contains a going-concern qualification to make a public announcement to that effect through the news media.
The company noted that this statement does not represent any amendment to the company's 2007 Annual Report on Form 10-K.
Esmark Inc. is a vertically integrated steel producer and distributor, combining steel production capabilities through both blast furnace and electric arc furnace technologies with the just-in-time delivery of value-added steel products to a broad customer base concentrated in the Ohio Valley and Midwest regions. Currently headquartered in Wheeling, W.Va., the company produces carbon flat-rolled products for the construction, container, appliance, converter/processor, steel service center, automotive and other markets. Products include various sheet products such as hot rolled, cold rolled, hot dipped galvanized, electro-galvanized, black plate and electrolytic tinplate.
