According to Bower, the design manufacture solutions provider group was put into receivership because the board’s attempts to restructure it failed.
Ernst & Young partners Alan Bloom, Mike Rollings and Shagun Dubey, administrators for Cenargo, have finalised plans for the shipping company’s restructuring. The plan will see Cenargo re-emerge with a ‘reduced debt load’ trading under the name Norse Merchant. The main creditors, First Priority Ship Mortgage Notes, will convert their £110m debt into Norse Merchant Equity. The company went into administration on 7 February, and into Chapter 11 bankruptcy protection in New York, but the US proceedings remain suspended.
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens