Stirling insulation firm Superglass completes share placing Troubled insulation firm Superglass has successfully completed a share placing to raise £12.9m as part of a major refinancing plan, it has announced. The move comes after the company struck a deal in principle with its bankers in a bid to avoid becoming insolvent. The Stirling firm proposes to use the funding to repay £3m owed to Clydesdale Bank, and swap more than £5.7m of debt into convertible shares. It also plans to delist from the main stock market and apply to join AIM. The proposals will be put to shareholders at a general meeting on 20 May. The company warned that if all resolutions were not passed at the meeting, the group would be in default of its banking facilities and it would have insufficient cash to allow it to continue to trade. It added: "In such an event, the board believes that alternative sources of funding are unlikely to be available and that the group would enter into some form of formal insolvency proceedings as soon as practicable following the general meeting, with the existing ordinary shares consequently having no economic value." Delighted Chairman John Colley commented: "We are delighted with the support from investors, with the placing proceeds comfortably exceeding the minimum required for the restructuring, which will provide Superglass with a considerably strengthened and sustainable long-term capital structure." He added: "The company will be well placed to benefit from any resurgence in market volumes and the efficiencies from its recent capital investment programme." Earlier this week, Superglass described current trading conditions as "extremely challenging." Its interim results for the six months to the end of February showed a 20% fall in revenue from the same period last year. The company also made a pre-tax loss of £200,000, compared to a profit of £500,000 in 2012.