Small payout for MG Rover creditors

Small payout for MG Rover creditors

PwC says its better than first expected

Creditors of MG Rover will receive between 5p an 10p from every pound they
lost following the collapse of the company, according to administrators at
PricewaterhouseCoopers.

Tony Lomas, PwC administrator, said creditors of MG’s sister company, engine
manufacturer Powertrain, were likely to be slightly better off with a payout
‘hopefully in the high teens’.

Despite the poor repayment, PwC said it was above initial expectations for
both MG Rover and Powertrain.

PwC has been able to sell almost all the 10,000 cars left on the company’s
books when it collapsed in April last year, while the administrators have also
sold the MG Rover’s assets at Longbridge to Chinese carmaker Nanjing Automotive.

A dividend payout is expected to be made to creditors before the end of the
year.

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