The CVA proposals, which received overwhelming support at the creditors meeting in Liverpool yesterday, will see a restructuring of the Cenargo group that will significantly reduce it debt levels and see the company trading under the name Norse Merchant.
Cenargo entered into Chapter 11 bankruptcy protection in the US back in January, with English administrators appointed a month later. The restructuring deal brokered by Michael Rollings, Shagun Dubey and Alan Bloom from Ernst & Young should save the group from liquidation.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies