Appointment of Administrators (6841T)
09 Dicembre 2011 - 10:57AM
UK Regulatory
TIDMMSQ
RNS Number : 6841T
Media Square PLC
09 December 2011
Media Square plc ("Media Square" or the "Company")
Appointment of Administrators and sale of assets of the
business
Further to the announcement made yesterday, the board of Media
Square announces that absent a waiver of the Company's banking
covenants, it is unable to meet its repayment obligations to its
Bank and is therefore insolvent.
As a result, the Board has appointed Zelf Hussain and Robert
Jonathan Hunt of PricewaterhouseCoopers LLP, 7 More London
Riverside, London SE1 2RT as administrators to the Company (the
"Administrators").
Following their appointment, the Administrators have sold the
business and assets of the Company to a new vehicle, MSQ Partners
Limited, securing continuing employment for the Company's staff and
payment of creditors. The transaction will not result in a return
to shareholders.
Following the sale of the business and assets of the Company,
the Administrators will fulfil their statutory obligations,
distribute asset realisations and seek the appropriate exit route
from the administration.
For further information please contact:
PricewaterhouseCoopers LLP
Sukhjinder Raj 0113 289 4584
Collins Stewart Europe Limited
Matt Goode/Adam Miller 020 7523 8350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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