Metro Performance Glass has announced that discussions with Cowes Bay have ended, as the company and its banks were unable to reach an agreement on key final terms of documentation.
As a result, the company's directors are now pursuing alternatives, which involve an equity capital raise in the new year.
The company said a supported rights offer remains its plan, and the directors are currently engaged with four potential investor groups for investment.
These investor groups are not necessarily mutually exclusive.
Metro Performance Glass has also received conditional offers to underwrite $15 million of a capital raise.
The company will now work with all parties to finalise a formal rights offer.
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