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Axcelis misses interest payment on loan
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Axcelis Technologies has missed an interest payment due January 15, 2009 on a 4.25% Convertible Senior Subordinated Note valued at approximately US$85 million when a maturity premium is included. Axcelis said in a statement that the freeze in the global credit markets has hindered its ability to refinance debt. Axcelis said that it was continuing to engage with other lenders and the note holder.
The company had generated a net loss in 2007 and is expected to make a net loss in 2008 after three quarters of losses.