AUSTIN-An officer of USOL Holdings Inc. says the company is working with lenders to bring it into compliance with existing financial agreements. Until that happens, the Austin-based company is operating under a “going concern” warning from its auditors.

Shane Menking, USOL’s CFO, tells GlobeSt.com that the company is working with the consortium of banks holding its credit facility. “By no means is there an imminent bankruptcy or confrontational relationship associated with it,” he says. “It is a very good relationship, a relationship we’ve maintained since 1999.” The lenders are BNP Paribas, Deutsche Bank and Coast Business Credit, based in California.

The auditor’s warning came with USOL’s financial results for 2001, which were released this week.

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