Cygnal facing serious financial woes; CFO quits

MARKHAM – Telecom and cable equipment and services supplier Cygnal Technologies said late Monday it is “currently engaged in discussions with one of its principal lenders regarding the refinancing of its outstanding debt owed to that lender, the continued availability of advances under Cygnal's existing credit facility with that lender and the willingness of the lender to extend the current maturity date of debt outstanding under that credit facility due in January 2008,” reads its press release. The lender has told Cygnal that it is not prepared to extend the maturity date of its debt nor extend additional credit to...