Energis lenders consider cutting their losses

NEWS Lenders to ailing carrier Energis are looking to sell-off the loans they have given to the company at below 70 per cent of their face value. Companies considering the sell-off include Canadian Imperial Bank of Commerce (CIBC), Goldman Sachs and Cisco. According to analysts quoted in the Financial Times, this could be a sign of faltering confidence in Energis' ability to make a recovery. CIBC has in the past given loans to bankrupt telco Global Crossing and controversial utilities trader Enron. Earlier in the week, Energis was able to persuade bankers to increase its loan facilities to keep the company ticking over.