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Administrator to keep AES trading

Only days into his job of cleaning out the troubled Advanced Energy Systems (AES) administrator Mervyn Kitay of Grant Thornton has said he intends to keep the company trading.

Administrator to keep AES trading

In a letter to creditors Kitay said all trading accounts held with AES should be closed but that he would be seeking continued services and supplies on credit, to be paid from the assets of the company.

EnergyReview.net reported earlier this week AES Chairman Bruno Camarri’s decision to put the company into administration after a call from the banks.

“Last week the company’s bankers required a reduction of banking facilities within a time frame which is now apparent the company is unable to meet. In view of that position, there was no alternative but to put the company into Voluntary Administration,” said Camarri.

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