Hampson Industries, the defence and aeronautics firm, has put the 'for sale' sign up as it wallows in debts that are nearly five times its market capitalisation.
Hamspson owes £54.9m but that is not its only problem; delays in its largest tooling order will mean some deliveries will move from 2012 to 2013. The company says it is "assessing the overall effect on revenue and profit in the light of on-going discussions with the customer".
The company has now launched a formal sale process meaning companies can make secret inquiries into a possible purchase.
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The company put up its BHW Components and India operations on the market in November, it has already received indicative offers for those assets although discussions remain at an "early stage".
Unsurprisingly the share price has fallen this morning, at 11:59 the stock had lost 43% of its value.
Investors who bought shares in Hampson 12 months ago would now be 88% down.
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