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Saleen On The Verge Of Bankruptcy

US performance tuner Saleen is believed to be close to bankruptcy, following the release of the company’s latest financial statement. The company had almost US$1.5 million in the bank on March 31 this year, but in the six months since, that amoun


US performance tuner Saleen is believed to be close to bankruptcy, following the release of the company’s latest financial statement.

The company had almost US$1.5 million in the bank on March 31 this year, but in the six months since, that amount had dwindled to just US$7621 (AU$9000) at close-of-trade on September 30.

Total assets over the same period are down from US$2.8 to $1.4 million, and liabilities including wages, taxes and loans total around US$7 million.

Net revenue is up slightly on the six months to September 30 compared to the same time last year, but the picture becomes clearer when considering net revenue over the three months to September 30 - which has been cut in half.

From a high of 56 US cents per share in the last twelve months, Saleen shares hit a low of just two cents each recently, recovering (if you can call it that) to 3.7 cents at last close.

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