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The Netherlands — Analysts foresee that USG People will not be able to meet their bank debt obligations

06 August 2009

According to ManagerOnline Dutch analysts believe that USG People (AMS:USG), the specialist staffing group will find it difficult to meet their bank debt obligations in 2009.

The agency group has recently suffered internal turmoil when CEO Ron Icke stormed out of the boardroom over disagreements on corporate policy.


Internal tensions between Alex Mulder, founder and 20% owner of USG People and Ron Icke started in 2007 when both men disagreed seriously over the merger with Dutch agency group Vedior, which would have created the third largest specialist staffing group in the world. Vedior was finally taken over by Randstad and Mr. Icke will not comment on the matter since he is bound by a confidentiality agreement.

USG People is struggling with a debt burden of €300 million. Alex Mulder has announced that the number of USG People's brands operating in the market will be reduced and that there will be consolidation in the group. A takeover of USG People by a third party is according to Mr. Mulder not currently on the cards.

 

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