482

2.1REQUESTING TIME TO PAY

DAVENPORT Ltd.

Queens B-78 Cathays Park Cardiff

	Our ref.		Your ref.
			18 July 20__
	REISDEN ING
	CF1 9UJ Verbaarten
	Amsterdam
	Dear Mr Grooves,

Your quarterly statement reached us yesterday and we confirm that it has been found correct. We have to inform you, however, that it is not yet possible for us to meet our obligations to pay you the outstanding sum of $150,000.00, which was due on 10 July.

As you know we have always settled our accounts promptly and therefore greatly regret that we now find it necessary to ask you for two months’ extension of credit to clear the current liability.

Our difficulties are temporary and have been created by a fire at our central warehouse. The fire caused extensive losses, for which we have not yet been compensated in full. We, however, hope to be able to make payment of the full sum we owe you within 7 weeks.

We rely on your understanding our present situation and regarding these circumstances as exceptional. We would appreciate it if you could make us this concession.

Please accept our renewed apologies for this delay.

Yours sincerely,

Tomas Malkovich

Tomas Malkovich

Manager