Belligerent Ghoul sends the link:

Sanctuary running out of cash - The Guardian

Excerpt:

Struggling record group Sanctuary warned yesterday that it would run out of money by the end of next month if its proposed £110m cash-raising fails.

The company, which represents acts such as Morrissey, Joss Stone and Elton John, has debts of £170m. In a last-ditch effort to stave off bankruptcy, it has convinced Evolution Securities to underwrite 220m new shares at the equivalent of a third of the current share price. The issue price values Sanctuary's existing share capital at less than £1m.

...

Sanctuary said if shareholders do not vote in favour of the capital-raising, "the company's cash requirements would exceed the amount available under its existing facilities with the bank by the end of March 2006". Although Sanctuary would attempt to secure new funding, it warned this would likely be on "significantly worse terms" and involve the loss of key clients and employees. "There is also no guarantee that the bank would not seek to place certain companies in the group, or the company itself, in some form of insolvency proceedings."