By Graham Hayday, 16 July 2001 08:35
NEWS Ailing telco Redstone Telecom is in further trouble this week, with shareholders calling for the government to investigate exactly what's been going on at the company. Investors are urging the Department of Trade and Industry to look into the rapid reversal in Redstone's fortunes, according to the Independent on Sunday. The company was once valued at over £1bn. It is now worth £2.9m. But if that weren't enough, the company's very existence is now in jeopardy. There will be an extraordinary general meeting of the company on Friday, at which an insolvency practitioner from Ernst and Young will be present. If a crucial motion regarding a £30m rescue package is not passed by shareholders, the company may be put into administration.
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