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Niko Resources says it may be unable to meet current liabilities

  • Niko Resources (NKRSF) lost half its market value after it raised "significant" doubt about its ability to continue as a going concern.
  • Niko said it had a working capital deficiency of $110M as of Sept. 30, while its cash and cash equivalents had dropped to $55M from $98M a year earlier.
  • The company, which has been trying to restructure debt and refinance loans to fund drilling in India, said it would continue to focus on the offshore D6 block, but production from the block has been falling.
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