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IPSA has a chunk of its Ethos loan repaid

It continues to search for sources of funding including asset sales.

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The company had €340,000 paid off

South African electricity group IPSA Group (LON:IPSA) has had €340,000 off of a loan from Ethos Energy Italia repaid, reducing the balance to €1.5mln.

A further loan of €2.6mln, however, was due today and the company said it “reliant on the forbearance of Ethos.”

IPSA added it also remains reliant on the forbearance of other creditors including Radix and current and former management.

It continues to search for sources of funding, while talks continue over the sale of assets and a minority stake in subsidiary Newcastle Cogeneration.

It added that there can be no guarantee that a deal will be struck.

IPSA failed to file accounts by AIM’s deadline and its shares remain suspended, but the company intends to release the numbers as soon as possible.

Quick facts: IPSA Group

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AIM:IPSA
Market: AIM
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