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Report: Albany Group restructures

January 26 2010

The Albany Group is going through a restructuring and refinancing process to pay creditors and service debts following difficulties with its U.K. bank affecting some European portions of its operations, according to a report in U.K.-based Recruiter magazine.

Albany is working to transition contractors operating through its Albany EMEA, Albany Tecserv and Albany Management UK to Von Essen Consulting, according to the report. The move does not affect any other companies in the Albany Group.

Albany's difficulties stemmed in December from its relationship with the Royal Bank of Scotland. Last week, an Albany source said the company won a major account in the U.K. that was larger than first thought, and the Royal Bank of Scotland balked at the 65-day payment term requested by the client. The source said the Royal Bank of Scotland has been under pressure and was reviewing its business. The bank was a casualty of the 2008-2009 crisis and is now 84% owned by the U.K. government.

Albany's U.S. and other operations were not affected. Albany uses a U.S.-based bank for its operations here.

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