Tring rescued

Wednesday 10 June 1998 23:02 BST

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TRING INTERNATIONAL, the loss-making producer of music, video and CD Roms whose shares were suspended at 6.5p last month, has avoided insolvency proceedings by accepting a stop-gap loan of undisclosed size from the Levinson family trust, which owns 12.9 per cent of the company.

The Levinson family helped vote down the board's own refinancing proposals last month but the board is now discussing a reverse takeover of a similar business to be financed by a rights issue.

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