UPDATE 1-American Capital withdraws from William Blair meet

lunes 8 de junio de 2009 22:57 CEST

* Does not cite reason

* Co to provide update with Q2 results

June 8 (Reuters) - Struggling private equity firm American Capital Ltd (ACAS.O: Cotización) said it will not present at a conference organized by William Blair & Co on June 9, but did not provide any reason.

American Capital's management team will provide their next update when they announce second-quarter earnings, the company said in a statement.

On June 3, the company said Chief Executive Malon Wilkus would make a presentation at the William Blair & Co's 29th Growth Stock Conference on June 9 in Chicago.

For the first quarter, the Bethesda, Maryland-based company, which has lost over 90 percent of its value in the last 12 months, had posted a net loss of $547 million, or $2.65 a share.

American Capital, which was removed from the S&P 500 market index in February, is in default on $2.3 billion of unsecured credit arrangements as of March 31, and auditors included a going concern explanatory paragraph in their opinion on its financial statements.

The company said it has hired restructuring firm Miller Buckfire & Co to help negotiate with its lenders.

Shares of the company were trading down 2 percent at $2.78 after the bell. They closed at $2.83 Monday on Nasdaq. (Reporting by Sweta Singh in Bangalore; Editing by Deepak Kannan)