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WYG plots a restructuring
Engineering group WYG yesterday detailed a capital restructuring and job cuts for 50 per cent of its staff as it fights to stay solvent. The Leeds-based firm plans to drum up £30m in an equity fundraising, and will perform a debt-for-equity swap with its creditors. The firm reported a pre-tax loss of £28.6m for the nine months to the end of March, on revenues around half the level seen last year. The news sent the firm’s Aim-listed shares down almost 22 per cent.