Oslo Stock Exchange Suspends Shares of Tandberg Data

Bad news for Norwegian company Tandberg Data and its recent CEO Pat Clarke: the Oslo Stock Exchange suspended its trade on January 19, pending an agreement to amend loan terms.

Other U.S. tape firm Overland Data and Quantum are not in better condition.

Tandberg Data needs money and is negotiating with bond holder Cyrus Capital Partners
L.P. on an agreement to postpone the maturity of its secured bond loan
from December 31, 2008 to March 31, 2009. In 2007, it raised $20 million in new equity.

Svein V. Simensen will serve as the new chairman of the company, replacing Gudmundur Einarsson who got this position in  December 2007. Simensen, at the board as director since the same date, currently sits on the board of the following organisations: CAR ASA,
StorOslo Service AS, Norwegian Securities AS and Benchmark Oil &
Gas AB. He holds a graduate engineering degree from ETH in
Zürich.

Svein Simensen and Gudmundur Einarsson

Tandberg Data shares fell 13% and hit an all-time low of 0.75 crowns ($0.11) before being suspended, which means a market capitalization of a mere $11 million.