Quote:
|
Originally Posted by Rob
Do you know what administration is? You don't just go into it and have half your debt wiped. If you did, everyone would be doing it.
|
I know that, but they reached a deal with the creditors where they allowed the takeover to occur providing that they met certain requirements, and the creditors would rather have a takeover occur and some of the debt paid back rather than no takeover and no money being paid back. As a result of the takeover, under £40 million would be owed to the remaining creditors. Going into administration was a procedure they needed to follow in order to justify and reach that agreement.