CAC 2000 pursues debt refinancing as quarterly losses deepen

CAC 2000 has confirmed it is moving ahead with a debt refinancing programme intended to shore up its working capital, as the company contends with falling revenue and a deepening loss position.

For the three-month period ending March this year, CAC 2000 posted a net loss of $80 million, up from the $58.6 million loss reported for the same quarter a year earlier.

Chief Executive Officer Gia Abrahams attributed the softer financial performance largely to cash-flow constraints rather than any drop-off in demand.

Quarterly revenue tumbled to $81.5 million, a steep slide from the $190.4 million booked in the corresponding three months of the prior year.

According to Ms. Abrahams, CAC 2000 is sitting on a project pipeline valued at roughly $1.4 billion, but a shortage of cash prevented the company from executing that work during the quarter, dragging revenue lower.

She added that the planned refinancing is geared toward restructuring the company's borrowings, which stand at just under $500 million. CAC 2000 also carries outstanding obligations to suppliers totalling $427.4 million.