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.
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
Team Rock the publication of classic rock is in administration with FRP Advisory
Lifestyle Living UK is being marketed for sale by FRP Advisory administrators